Citi hires JPMorgan banker to lead Florida expansion

Mon Feb 4, 2013 1:36pm EST

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(Reuters) - Citigroup Inc said on Monday it hired JPMorgan Chase & Co senior private banker Luke Palacio to lead Citi Private Bank's expansion in South Florida.

Palacio, who assumes his role as a Miami-based managing director and regional market manager on March 18, will also help support the growth of Citi's ultra-high-net-worth Latin American client base.

Palacio most recently served as a managing director and senior banker with J.P. Morgan Private Bank, where he worked as an adviser to ultra-high-net-worth families. He had been with the company for more than a decade.

Before that, Palacio worked in corporate finance at ANZ Bank and NatWest, focusing on financial institutions, energy and natural resources.

In his new role, Palacio will report to Citi global market managers Paul Hubert and Genaro Poulat, who respectively cover the eastern region of the United States and Latin America.

Citigroup, which is divesting its Smith Barney wealth management business, has in recent years been on a hiring spree to expand its global private bank presence. Citi Private bank manages money for people with at least $25 million to invest.

JPMorgan spokesman Doug Morris declined to immediately comment on Palacio's departure.

(Reporting by Ashley Lau in New York; Editing by Steve Orlofsky)

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