Citi Private Bank has recruited Teresa Radzinski from Bank of America Private Bank, adding an experienced adviser who oversaw approximately $3 billion in assets and worked with some of the wealth-management industry’s most complex family and institutional relationships. Based in Jacksonville, Florida, Radzinski will focus on ultra-high-net-worth individuals and family offices, including clients with balance sheets exceeding $500 million. The recruitment gives Citi another senior banker as it accelerates an expansion of its North American private banking franchise and competes for a larger share of assets held by wealthy families. AdvisorHub reported the roughly $3 billion figure based on a person familiar with Radzinski’s previous practice.

The distinction between assets overseen at a former employer and assets ultimately moving to a new institution is important in private banking. The approximately $3 billion associated with Radzinski’s Bank of America work should not be interpreted as a confirmed transfer of client assets to Citi. Large private-bank relationships commonly involve multiple advisers, institutional mandates, lending arrangements, trusts and custody structures, and clients may divide assets among several banks. Nevertheless, recruiting a banker accustomed to serving relationships of that scale can strengthen Citi’s access to a segment where a single successful relationship may generate revenue across portfolio management, financing, cash management, capital markets, foreign exchange, alternatives and estate-planning services.

Radzinski brings more than 35 years of experience across wealth management, capital markets and corporate finance. Before joining Citi, she was a managing director and private client and institutional adviser at Bank of America Private Bank. Her client base included wealthy families, private foundations, faith-based organizations and higher-education institutions. Earlier in her career, she held a senior capital-markets position at Bank of America Merrill Lynch, serving as co-head of financial institutions capital markets and financing. That combination of private-banking and institutional-finance experience is particularly relevant for family offices whose portfolios may include operating companies, concentrated stock holdings, private investments, philanthropic entities and sophisticated financing requirements.

For Citi, the appointment is part of a broader effort to add relationship managers rather than an isolated personnel move. Wealth head Andy Sieg said earlier in 2026 that the bank planned to hire roughly 500 advisers, personal bankers and private bankers. The target included approximately 100 private bankers and about 400 client advisers and personal bankers. Citi has roughly 2,300 advisers across its Citigold and retail-banking operations, Wealth at Work and Private Bank businesses, according to reporting on the expansion plan. The strategy is designed in part to increase the share of existing clients’ financial assets managed by Citi rather than relying primarily on expensive external client acquisition.

That makes experienced bankers with deep relationships especially valuable. At the highest end of the wealth market, banks compete less on basic investment access than on their ability to coordinate multiple products across generations, entities and jurisdictions. A family with hundreds of millions of dollars may require direct investments, separately managed portfolios, private-market exposure, securities-backed credit, aircraft or real-estate financing, liquidity management, estate structures and philanthropic planning at the same time. Family offices can also resemble institutional investors, employing professional investment staff and negotiating fees, credit terms and access to private deals across several financial institutions. Advisers who understand both institutional capital markets and personal wealth structures can therefore be strategically important to a global private bank.

Radzinski’s move also reflects Citi’s continuing effort to rebuild and expand its North American private bank under Chris Biotti. Biotti, Citi Private Bank’s head of North America, joined Citi in 2025 after spending 13 years at Bank of America Private Bank, where he most recently led the Northeast division. Citi says he now has responsibility for private-banking activities across the United States and Canada. His recruitment was itself part of a leadership overhaul intended to place the North American franchise on a stronger growth trajectory.

Citi has subsequently added other experienced wealth executives, including professionals with Bank of America backgrounds. In February, for example, Citi appointed Chad Reddy as its Private Bank North America market executive for the West. Reddy brought more than 25 years of wealth-management experience and had previously spent more than 15 years at Bank of America Private Bank before later holding a senior position at Wells Fargo Private Bank. Those appointments illustrate how Citi is building regional leadership and client coverage simultaneously rather than concentrating expansion in a single market.

The hiring push comes as Citi’s wealth unit shows stronger financial performance. In the second quarter of 2026, Wealth generated $3.18 billion of revenue, up 13% from a year earlier. Private Bank revenue rose 5% to $769 million. Citi attributed the broader wealth revenue increase to higher deposit spreads, stronger average deposit balances and higher investment-fee revenue. Client investment assets increased 14%, while Wealth net income climbed 51% year over year to $583 million. The division’s operating expenses rose only 3%, despite higher technology costs and performance-related compensation, helping operating leverage improve.

Those figures help explain why adviser hiring remains a priority even as banks across other functions use technology and organizational restructuring to control staffing costs. Wealth management remains a relationship-driven business where additional productive bankers can directly increase the amount of client money captured by the platform. Citi has identified a substantial opportunity in assets that existing customers already hold away from the bank. Adding more advisers gives those customers additional opportunities for investment conversations, while the private bank can use Citi’s global banking, markets and lending infrastructure to compete for complex mandates that smaller wealth firms may not be able to provide internally.

Radzinski’s Jacksonville base also highlights the importance of markets outside the traditional New York wealth corridor. Florida has become an increasingly significant center for private banking as entrepreneurs, corporate executives, investment professionals and affluent retirees establish or expand residency in the state. South Florida receives much of the industry’s attention, particularly Miami and Palm Beach, but northern Florida can also be strategically important for banks serving multigenerational families, private companies and nonprofit institutions. A senior banker operating from Jacksonville gives Citi another point of coverage in a state that continues to attract wealth-management investment.

Her experience with foundations, universities and religious organizations adds another dimension. Institutional nonprofit portfolios frequently require governance support, investment-policy development, liquidity planning, spending analysis and coordination between boards, investment committees and outside managers. Advisers accustomed to those structures may also bring governance expertise to family offices, where formal investment committees, family constitutions and philanthropic foundations are increasingly common as wealth passes between generations. That background broadens the potential value of the hire beyond conventional individual private banking.

The recruitment comes during unusually active competition for senior private-bank talent. Global banks are investing in the ultra-high-net-worth segment because large relationships can support multiple fee and spread businesses while proving comparatively durable once deeply embedded. At the same time, experienced bankers have become increasingly mobile as institutions reorganize leadership teams and seek faster growth. Citi itself has both recruited from competitors and lost executives to rivals, underscoring the two-way nature of the talent market. Recent moves involving Citi and HSBC, for example, demonstrate that senior family-office and regional private-bank leaders remain highly sought after across the industry.

For clients, however, adviser movement creates practical considerations that differ from those associated with independent registered investment advisers or traditional brokerage teams. Private-bank clients often have relationships with an institution as well as with an individual banker. Investment management, trust administration, custody, lending and banking services may sit with specialized teams under separate contracts. A senior banker’s departure therefore does not necessarily result in the automatic movement of a complete household or family-office relationship. Clients typically evaluate whether a new institution can replicate existing credit structures, investment capabilities, service teams and pricing before reallocating significant assets.

Timing can also be affected by contractual and regulatory constraints. AdvisorHub noted that private-bank moves can involve garden-leave arrangements that prevent bankers from immediately joining another institution. The publication reported that Radzinski had not been registered as a broker or investment adviser since late July, based on regulatory records. Such periods can reduce immediate client solicitation and give the former employer time to reinforce relationships. They can also mean that the ultimate commercial effect of a major hire emerges over quarters rather than immediately after an announcement.

For Citi, the strategic objective extends beyond whether specific former Bank of America relationships follow Radzinski. Her appointment adds another experienced banker to a platform that is attempting to increase wallet share across its existing global client base. Citi’s private bank emphasizes cross-border capabilities, an advantage for internationally active entrepreneurs and families with businesses, residences or investments in multiple countries. The bank’s ability to connect wealth clients with corporate banking, foreign exchange, capital markets and institutional services can become especially important when liquidity events, business sales or financing needs blur the traditional boundary between personal and corporate finance.

Citi is also investing in the operating infrastructure behind those relationships. Earlier in 2026, Citi Wealth announced an agreement with Advyzon to develop a global unified managed account program intended to consolidate advisory investments while supporting multiple currencies, traditional securities and alternative assets. The rollout is expected to serve clients across Citi Private Bank, Wealth at Work and Citigold. Such technology investments matter in adviser recruiting because senior bankers increasingly evaluate not only compensation and brand strength but also whether a platform can provide efficient portfolio construction, reporting, customization and account administration for complex households.

The Radzinski hire therefore sits at the intersection of two major trends in wealth management: the continuing fight for veteran advisers and the effort by large banks to make more of their existing client relationships. Citi is expanding headcount selectively in a business where successful bankers can control or influence billions of dollars, while simultaneously building investment technology and tighter links between retail, private banking and institutional capabilities. The strategy depends on translating those investments into higher client asset penetration and sustained fee growth.

For Bank of America, the departure represents the loss of another seasoned professional with experience across both wealth management and capital markets, although a bank of its scale maintains a large national private-banking franchise and broad teams around major client relationships. The competitive significance will depend less on the headline $3 billion figure than on how clients respond over time, how Citi integrates Radzinski into its Jacksonville and national coverage structure, and whether the bank can turn the appointment into broader family-office and ultra-high-net-worth mandates.

For the wealth-management industry, the move reinforces the premium being placed on advisers who can operate above the traditional portfolio-manager model. As family fortunes grow more institutional in structure, banks increasingly want bankers who can navigate investments, credit, philanthropy, governance and capital markets while coordinating specialists across a global organization. Radzinski’s combination of private-bank and institutional-finance experience fits that profile. Her recruitment gives Citi another senior relationship professional as the bank moves from restructuring its wealth operation toward a more aggressive phase of growth.