Citi has tapped a former Merrill Lynch executive to head wealth management operations in the New York and Washington, D.C., markets. Francisco "Frank" Castellanos will serve as a managing director and wealth regional director for the Northeast, reporting to David Poole, head of the banking unit Citigold North America, a banking and wealth unit catering to wealthy clients.
"Frank is a dedicated leader, focused on delivering strong results through a people-first culture," Poole says. "We are confident that his leadership will further strengthen our commitment to the region, and we look forward to rising to the occasion in the year ahead."
Merrill, a unit of Bank of America, declined to comment on the departure.
The move comes as Citi is positioning wealth management as a centerpiece of its business. The bank hired former Merrill Lynch boss Andy Sieg as its head of wealth in 2023 and last year said it was organizing its retail banking business within wealth management, to be overseen by Sieg.
Castellanos had a nearly 10-year career at Merrill, beginning in March of 2017, according to his LinkedIn profile. Before that, he spent 20 years as a foreign service officer with the State Department, according to LinkedIn.
In his new role, Castellanos will oversee about 265 branches in the Northeast region, which includes Connecticut, New Jersey, New York City and its suburbs, Maryland, Virginia, and Washington, D.C., according to Citi. He will remain based in Washington. He started at Citi on Tuesday, the company says.
Castellanos joins Citi at a time when it is looking to significantly expand its wealth business. In May, the company announced a goal of hiring 400 financial advisors and personal bankers, part of a larger turnaround strategy under the direction of CEO Jane Fraser.
That plan has included consolidating Citi's previously far-flung businesses into five units: services, markets, banking, wealth, and U.S. consumer cards. Citi clients maintain more than $1 trillion in balances with the wealth business, of which slightly more than half are investment assets. The company has set a goal of boosting investment assets to 60% of its total wealth business.
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July 10, 2026 15:16 ET (19:16 GMT)
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