Webster Financial (WBS) in Waterbury, Conn., has promoted one of its executives to run its personal bank operations.
Nitin Mhatre, who had previously managed the $20 billion-asset company's consumer finance group, will be responsible for areas such as consumer deposits, consumer finance and investment services. He will continue to report to Jerry Plush, Webster's president and chief operating officer, and serve on the company's executive management committee.
"In his five years at Webster, Nitin has restructured Webster's consumer finance business, significantly increased market share, introduced new products, and delivered the superior customer service that is Webster's hallmark," James Smith, Webster's chairman and chief executive, said in a press release Tuesday. "His unit has more than doubled its output and achieved solid, profitable growth during a period of unprecedented change in mortgage and consumer lending markets."
Mhatre, a former Citigroup (NYSE: C) executive, joined Webster in October 2008 as executive vice president of consumer lending. He added responsibility for mortgage lending three months later.