Citigroup has named a new leader for its global consumer bank, as the former head is promoted to CEO.
Focused mainly on credit cards and wealth management, the consumer bank has long been viewed as an area where Citigroup could increase profits.
Jane Fraser, who currently runs Citigroup’s consumer bank, will become chief executive in February, when Michael Corbat retires.
Ms. Fraser is tapping one of her top lieutenants, Anand Selva, to replace her as head of the consumer bank. Mr. Selva has run U.S. consumer operations, which includes both the retail bank and credit cards, since 2018.
“Citi’s Global Consumer Bank (GCB), is a critical growth engine for Citi. With a strategic focus on the U.S., Mexico and Asia, the Global Consumer Bank serves more than 110 million clients in 19 markets,” the bank says.
A strategy designed to drive growth
In 2019, the Global Consumer Bank successfully executed its strategy to drive growth.
It demonstrated the power and potential of its new, integrated client-centric operating model in the U.S., grew loans and deposits globally, introduced an array of industry-first digital capabilities and expanded its ecosystem of partners, one of the most powerful in the industry.
With the full power of the franchise together for the first time in GCB’s largest market, U.S. Consumer Banking implemented a strategy to deepen relationships across Cards and Retail and provide seamless experiences to customers nationwide.
Capitalising on its distinct model, the bank launched an array of new products and digital capabilities, forged new and expanded partnerships, and introduced new value propositions to grow and retain multi-relationship clients.
Globally, the bank continued to introduce industry-leading digital capabilities, redesign the client experience, and embed its services in the most popular social and e-commerce platforms, enabling customers to bank anytime, anywhere, on their channel of choice.
Clients and the industry have taken note
The bank generated double-digit growth in digital and mobile users globally, and client engagement and satisfaction meaningfully improved.
Citi continued to execute strategic multi-year investments in key growth areas—U.S. Branded Cards, Mexico and Technology—to drive a superior experience for clients, enhance our infrastructure and controls, strengthen cybersecurity and deliver value for Citi shareholders.
GCB operates 2,348 branches and generated $7.4bn in pre-tax earnings in 2019. At year-end 2019, the business had $291bn in deposits, $300bn in loans and $176bn in assets under management.