Citi hires JPMorgan veteran Adam Clark to lead wealth planning

Citigroup will hire JPMorgan veteran Adam Clark as head of wealth planning, according to an internal memo viewed by InvestmentNews. Clark, who has served as JPMorgan's global head of trusts and estates since 2016, will join in November after completing garden leave and will be based in New York, the memo said.

Clark will lead Citi's global wealth planning team and report to Keith Glenfield, global head of investments at Citi Wealth. The memo cited Clark's nearly 30-year career and deep expertise in tax, estate, trust, and wealth planning, noting his prior role as president of Goldman Sachs Trust Company.

Citi's wealth business has reported nine straight quarters of revenue growth, including a 13% year-over-year increase to $3.2 billion in Q2. The hire signals continued investment in ultra-high-net-worth capabilities and intensifying competition among large banks for senior wealth planning talent.