Citigroup’s wealth management business raked in $2bn in profits in 2007, just before the financial crisis brought the bank to its knees. At the end of last year, it barely broke even.

The collapse is one reason why Citi’s stock is stuck in a deep slump and chief executive Jane Fraser is under pressure to boost profits. She is hoping to turn the unit around after recently poaching Andy Sieg from a job running Bank of America’s Merrill Wealth Management business.