News of Sallie Krawcheck's imminent departure as head of Citigroup's global wealth management division has been greeted with stunned disbelief in the industry, drawing questions over the timing of the move given the bank's pledge to win clients from less well-capitalised banks.

Krawcheck, one of the most powerful women on Wall Street, will remain as chairman of wealth until the end of the year, at which point she intends to seek other opportunities. It follows a reorganisation at Citigroup which will realign its wealth division with its institutional clients group.