By Sam Boughedda
BofA believes Citigroup (NYSE:C) hiring Andy Sieg to lead its global wealth management arm is a "notable positive."
Analysts maintained a Buy rating and $60 price target on Citigroup and said in a note to clients on Friday that the lack of senior external talent was a missing piece at the bank.
"One of the criticisms from investors (and we shared this view) of Citi leadership was the lack of external hires among the senior leadership ranks and direct reports to CEO Jane Fraser," wrote the analysts. "This announcement marks a positive shift."
Sieg was most recently President of Merrill Lynch Wealth Management.
The analysts also noted that under Sieg's leadership (starting in January 2017), Merrill Lynch Wealth Management grew net income by 70% while assets under management grew by 30%.