Citigroup Inc. is revamping the management structure of its private bank following the resignation of Ida Liu, who’s led the unit for almost four years.

The megabank is simplifying the management structure of its private bank. Regional leaders will now report directly to Andy Sieg, head of wealth.

The global head of Citigroup’s private banking arm and one of its highest-ranking female executives is leaving in a potential blow to chief executive Jane Fraser’s plan to grow its wealth division.

Ida Liu, who had been the global head of Citi Private Bank since April 2021, made the announcement on LinkedIn.

The Providence, Rhode Island-based company launched its private bank in 2023 after a spate of bank failures left holes in the market. "It's not like I'm asking anybody to wait for delayed gratification,