Citi Private Bank Hires Head Of Investments For North America

Citigroup Inc.'s (C) Private Bank hired Steve Bodurtha from Bank of America Corp.'s (BAC) Merrill Lynch as head of investments for North America, as the firm continues to fill management roles.

In the newly created position, Bodurtha will be responsible for managing the investments platform for the private bank across the U.S. and Canada. He will report to both Peter Charrington, chief executive of Citi's Private Bank in North America, and global head of investments, Shantanu Rastogi.

Bodurtha, who will also hold a managing director title, previously worked at Bank of America and Merrill Lynch Global Wealth Management for more than 20 combined years, according to Financial Industry Regulatory Authority records. Most recently, he was head of institutional retirement, philanthropy and investments for the firm.

His addition comes as the private bank has made several executive changes in recent months as it moves toward a global leadership structure. In April, Citi named Jane Fraser as chief executive and Deepak Sharma as chairman of Private Bank. Charrington took over as CEO of the unit's North American operations in June.

Citi formed a joint venture for its Smith Barney brokerage with Morgan Stanley (MS), but retained the private banking unit, which provides investing, banking, lending and advice to wealthy clients.

-By Brett Philbin, Dow Jones Newswires; 212-416-2173; brett.philbin@dowjones.com