Dawn Nordberg, group head of strategic client management for Morgan Stanley Private Wealth Management, is leaving the wirehouse to lead a new client engagement program with Citi Wealth, according to a memo from Andy Sieg, head of Citigroup Wealth Management.
In the memo to Citi Wealth employees, Sieg wrote that Nordberg would head the new “Integrated Client Engagement” program “focusing on the shared coverage of Citi clients across Wealth and Banking.” The program will bolster ties between the firm’s wealth and banking businesses, including finding opportunities to bring the firm’s banking clients into the wealth fold. The new division will report to Sieg.
“We have a powerful global brand and client franchise no other firm can match,” Sieg wrote. “It will be critical to partner across each of our five businesses in order to effectively leverage this firm’s extraordinary reach.”
In addition, Nordberg will lead a “new market planning function” to determine where the firm should add new advisor talent. She’ll also head the firm’s Growth Accelerator initiative to increase clients’ investible assets with Citi.
Nordberg worked for Morgan Stanley for 25 years before moving to Citi. Most recently, she was responsible for “managing cross-collaboration, marketing and execution opportunities” between the firm’s institutional, wealth and investment management divisions, Sieg wrote.
Nordberg’s appointment comes amid several Citi Wealth-focused shakeups, including the departure of David Bailin, the firm’s chief investment officer, in April. According to Reuters, Sieg informed colleagues that Bailin would pursue new opportunities and that Steven Wieting, a chief investment strategist and economist, would serve as interim CIO.
In March of last year, Sieg left Merrill Lynch to run Citigroup’s wealth management division, reporting to CEO Jane Fraser, who made it clear that she sees the wealth business as strategically crucial for the firm.
Earlier this year, Don Plaus, who retired as the head of Merrill Private Wealth last year, returned to the fray and joined Citi as the Head of Private Bank in North America. He’d spent 32 years at Merrill. In response to his departure in 2023, Merrill tapped Lindsay Hans (who previously lead Merrill’s Northeast division) to take his place. Hans was promoted again after Sieg left to co-lead Merrill Wealth with Eric Schimpf.
