By Sam Boughedda

BofA believes Citigroup (NYSE:) hiring Andy Sieg to steer its international wealth administration arm is a “notable constructive.”

Analysts maintained a Purchase ranking and $60 value goal on Citigroup and mentioned in a be aware to shoppers on Friday that the dearth of senior exterior expertise was a lacking piece on the financial institution.

“One of many criticisms from traders (and we shared this view) of Citi management was the dearth of exterior hires among the many senior management ranks and direct reviews to CEO Jane Fraser,” wrote the analysts. “This announcement marks a constructive shift.”

Sieg was most lately President of Merrill Lynch Wealth Administration.

The analysts additionally famous that beneath Sieg’s management (beginning in January 2017), Merrill Lynch Wealth Administration grew web revenue by 70% whereas property beneath administration grew by 30%.