Citigroup said Jonathan Larsen will add oversight of U.S. consumer banking and mortgages to his role as global head of retail banking, the first major management changes announced under new consumer chief Stephen Bird.
Larsen, global head of retail banking since 2012, worked closely with the former head of U.S. consumer banking, Jane Fraser, but didn't oversee the region. Larsen will now supervise retail banking in the U.S. as well as the rest of the world, in addition to running mortgages, according to a memo Thursday from Bird, CEO for the global consumer bank. The change is effective immediately.
Anand Selvakesari will lead consumer banking in the Asia Pacific region, and Fabio Fontainha, the Brazil consumer chief, will run the Latin American business as the current chief, Raul Anaya, pursues another job within the bank, according to the memo. Those appointments take effect July 1.
Citigroup Chief Executive Officer Michael Corbat chose Bird in April to replace Manuel Medina-Mora as CEO of the consumer bank, one of the New York-based firm's two main divisions and a business with $36 billion in annual revenue. Corbat's announcement also placed Fraser into a new job as CEO of Latin America, and moved Francisco Aristeguieta to take Bird's former job as Asia Pacific CEO.
Larsen's additional responsibilities mean that Will Howle, head of U.S. retail banking, and CD Davies, head of mortgage, now report to him. Richard Banziger, the chief of U.S. commercial banking who had reported to Fraser, will now report to Sunil Garg, head of global commercial banking.
