Citigroup is reported to be restructuring its consumer banking operations. According to Reuters, Stephen Bird, chief executive of Citigroup’s global consumer banking business, said that the group is also looking to “harmonise Citigroup’s consumer business with operating models of units in Asia and Mexico” which have both performed and produced better results.
This will see the head of consumer banking in Asia, Anand Selva leading as the regional head for North America. Currently based in Singapore, Selva bringing with him 26 years of experience with Citigroup, Selva has overseen consumer business in various countries and advanced digital offerings, the article said. According to WSJ, this is a newly created role.
Media reports say the changes come as Citi looks to improve its card business and better connect with its US consumers. Marketing has contacted Citigroup for comment.
The changes will also see David Chubak, previously head of global retail bank and mortgage, take on the role of head of retail banking and consumer lending globally. In the new role, Chubak will be overseeing products, strategies and investments. Meanwhile, Jud Linville, head of global cards and consumer services who has been with the company since 2010, will be stepping down.
Meanwhile earlier this year, Citigroup reported net income for the second quarter 2018 of US$4.5 billion. Revenues increased 2% from the prior-year period, driven by growth in both the Institutional Clients Group (ICG) and Global Consumer Banking (GCB), partially offset by lower revenues in corporate/other due to the continued wind-down of legacy assets. Net income of US$4.5 billion increased 16%, driven by the higher revenues and a lower effective tax rate, partially offset by higher cost of credit.
Citigroup has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup 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.