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Citi Private Bank Continues to Expand Bay Area Presence

V.ZZE.H | September 11, 2017

Citi Private Bank Continues to Expand Bay Area Presence

Chad Thomas, Jay Backstrand and Derek Prill Join as Ultra High Net Worth Private Bankers

Citi Private Bank announced today that the firm has hired three senior executives to join the San Francisco and Palo Alto teams. Chad Thomas, Jay Backstrand and Derek Prill join as a team of Ultra High Net Worth Private Bankers reporting to Hoyt Gier, Head of Western Region – North, Citi Private Bank. Mr. Prill joins effective immediately and will be based in the San Francisco office. Both Mr. Backstrand and Mr. Thomas will join next month, with Mr. Backstrand based in the Palo Alto office and Mr. Thomas splitting time between San Francisco and Palo Alto.

“We are thrilled to welcome Chad, Jay and Derek to our growing Bay Area team. They are all top-tier professionals who are highly respected in this market, and welcoming them, along with the other key Northern California hires we have made in the last twelve months, is a testament to the commitment we have to the Bay Area and the community,” said Mr. Gier.

Mr. Thomas and Mr. Backstrand join Citi Private Bank from J.P. Morgan Private Bank, where they were Managing Directors and long-tenured Private Bankers serving ultra-high-net-worth clients and overseeing multi-billion dollar portfolios. They led large teams of specialists to deliver the firm’s wealth management capabilities to West Coast clients.

Prior to J.P. Morgan, Mr. Backstrand was a Vice President and member of the Corporate Development Team at Paul Capital Investments where he managed marketing the firm’s specialized fund of funds offerings. Prior to that, Mr. Backstrand was the Co-founder, CEO and Director of VolunteerMatch, a non-profit that brings together charitable organizations and volunteers via the web.

Mssrs Thomas and Backstrand are undergraduates of Dartmouth College and Brown University respectively. Mr. Backstrand also holds an M.A. from Johns Hopkins University, and both are graduates of Stanford University, with Mr. Thomas holding an M.B.A. and Mr Backstrand holding an M.S. from Stanford’s Graduate School of Business. Mssrs Thomas and Backstrand permanently settled in the Bay Area after graduation and have resided here with their families ever since.

“Jay and Chad both have deep roots in the Bay Area. They each attended grade school in Palo Alto, are alumni of Stanford’s Graduate School of Business, and reside in Palo Alto and San Mateo, respectively. Their deep ties to the community and their respected profiles in it will be catalysts to serving our clients, their families and their businesses here,” said Halé Behzadi, Global Market Manager of the Western Region, Citi Private Bank.

Mr. Prill also joins from J.P. Morgan where he was a Banker Associate. Prior to J.P. Morgan, he worked for Cleantech Group Inc. where he held roles as the Director of Events and Partnerships and as a Strategic Account Manager. He previously spent four years with HSBC as a Relationship Officer in their Domestic Private Bank and also as a member of the International Rotation Program taking on assignments in London, Hong Kong and New York with HSBC’s Global Private Bank. Derek lived in France until attending college, and holds a B.A. from Amherst College.

“Attracting exceptional new talent enables us to better serve our clients. San Francisco, Silicon Valley and the entire Bay Area are strategic growth markets for Citi Private Bank, and these appointments represent our dedication to the region. Welcoming Jay, Chad and Derek further aligns our business with the increasingly-sophisticated client demands resident in this market,” said Tracey Warson, Head of Private Banking for North America, Citi Private Bank.

Citi Private Bank is dedicated to serving worldly and wealthy individuals and families, providing customized private banking across borders. With approximately $390 billion in global assets under management, the franchise includes 48 offices, serving clients across 130 countries. Citi Private Bank helps clients grow and preserve wealth, finance assets, make cash work harder, preserve legacies, and serve family and family business needs. The firm offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and aircraft finance, as well as art and sports advisory and finance.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.