Citi hires Singapore executive from DBS to lead wealth in Asia South

NEW YORK (Reuters) – Citigroup has hired Yeo Wenxian as head of wealth for Asia South region from Singapore’s biggest lender DBS Group (OTC:) Holdings, according to a memo seen by Reuters.

Yeo will also be the chief executive officer of Citibank Singapore Ltd, Andy Sieg, head of Citi’s wealth, said in the memo to employees. She is expected to join on Nov. 1 from DBS, where she spent 13 years in various roles.

CEO Jane Fraser is conducting a sweeping overhaul in an effort to improve the bank’s performance, cut costs and simplify its sprawling businesses. She has cited wealth management as an area in which the bank intends to expand and improve profit.

Fraser hired Sieg from Bank of America last year to execute the bank’s plan to grow in wealth management.