Citigroup Inc. is planning to hire 500 employees over the next three years for a new wealth division, Bloomberg News reported Tuesday, citing an interview with the segment's global head.

Naz Vahid told Bloomberg the new unit, called Wealth at Work, would cater to junior employees at private equity offices and accounting firms, betting those clients will someday join the ranks of the ultra wealthy and maintain their relationship with Citigroup.

The bank did not immediately respond to a Reuters request for comment.