Citi Taps BlackRock Portfolio Manager to Be Wealth Unit’s CIO

Steven Wieting, who held the CIO position on an interim basis for the past six months, will continue as chief investment strategist and economist for the business.

Sieg has been revamping the wealth operation since moving to Citigroup from Bank of America Corp.’s Merrill Lynch brokerage last year. He has fired managers, filled senior posts with external hires, pressed clients to bring in more of their funds and renewed a push to upgrade technology.

This year, Sieg’s team also greenlit special retention bonuses for dozens of personnel, trying to stanch departures during the turnaround.