Citi Private Bank says more of its affluent private jumbo borrowers have been requesting cash out refinancing since last year.

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Given those conditions, "it creates a significant burden on the younger partners, " says Dan DiPietro, chairman of Citi Private Bank's law-firm group.

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According to the 2012 Wealth Report by Citi Private Bank and Knight Frank, a consulting firm to wealthy real estate investors, economic turbulence did not curb the rise in the number of ultra-wealthy individuals in 2011.

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Pandit joined Citi after the bank bought the hedge fund and private equity shop he managed.

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This is an offshoot of a project Prince initiated two years ago, when he set out to create one culture and one set of corporate values after Citi was beset with a series of embarrassing missteps, one of which got its private bank kicked out of Japan.

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