Don Plaus, who 'retired' as head of Merrill Lynch Private Wealth Management a year ago, has joined Citi as head of Private Banking in North America, according to a memo from Citi Global Head of Private Bank Ida Liu. He will report to Liu and succeed Halé Behzadi, who will retire at the end of March.
Behzadi had been with the firm for 22 years, leading the private bank's West Coast region before launching across North America. She was also co-chair of Citi's California Leadership Council and executive sponsor of the firm's North American Diversity Committee. Prior to joining Citi, she was a senior vice president at Bank of America.
“As a player-coach, Halé worked closely with her teams, leading with a steady hand. She has been a dedicated mentor and sponsor of our people, cultivating rising talents,” said Liu.
Plaus, who announced his 'retirement' from Merrill Lynch last February, will start on April 1. He spent 32 years at Merrill Lynch, most recently as head of Private, International and Institutional Wealth Management. At the time of his departure, Merrill appointed Lindsay Hans, head of the Northeast division of Merrill Private Wealth Management, to take over his position.
Last March, the head of Merrill Lynch Wealth Management Andy Sieg went off the wire to run Citigroup's wealth management division, and Hans was promoted to Merrill's president and co-CEO, along with Eric Schimpf. Schimpf, who started at Merrill in 1994 as a financial advisor, was serving as division executive for the Pacific Coast and co-head of the enterprise advisor development program.
Antonio Gonzales, who previously headed JP Morgan Private Bank for Brazil, also recently joined Citi Private Bank as head of Latin America. He takes over from Fabio Fontainha, who was interim head, and will move fully into running the business.