Like its Wall Street rival Morgan Stanley, Citi sees a path to trillions in client assets in its workplace division.

The latest appointment comes amid Citi's continued overhaul of its executive ranks and wealth business.

The departure comes amid continued turn at the head of the bank's wealth management ranks.

Citigroup reported lower first quarter earnings within its wealth unit compared to a year ago. But earnings overall have improved from the fourth quarter, when it took significant losses as it finishes a major organizational restructuring.

In an effort to "stop the woke corporate agenda," West Virginia's treasurer added Citigroup, TD Bank, Northern Trust and HSBC to a list of firms banned from providing banking services to the state.

The company has long been criticized for its lagging financial performance and its complexity. CEO Jane Fraser is pushing through Citigroup's most recent transformation plan, but will she succeed where her predecessors have failed?

Over the past decade, the equities division at the megabank saw harassment allegations pile up, as well as alleged instances of in-office cocaine use, among other complaints.

The megabank, which is eliminating about 5,000 jobs in a first round of restructuring, said that it's paused its annual review of racial and gender pay gaps. Citi will conduct a 2023 review sometime later this year, a source said.

The award was the highest pro rata compensation for executives at the bank.

Wealth management is now one of five divisions in the firm's simplified organization.