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Citigroup Inc. has overhauled the management at its credit card business under Paul Galant, the unit's chief, according to Bloomberg, which obtained a copy of an internal Citi announcement. Citi referred CardLine to Bloomberg's coverage when asked about the memo. According to Bloomberg, Ed Garofalo, who oversaw Citi's branded cards business, now will oversee a group focusing on the mass market, Galant wrote Monday in the memo to employees. Terry O'Neil will head a team focusing on high-net-worth customers, while Debjani Majumdar will manage a "high-risk" segment helping to "cure accounts with future potential while minimizing risk," wrote Galant, who was put in charge of the cards unit in April. Garofalo will have an additional role as senior leader in charge of credit card strategy and operations outside the United States. The previous head of international credit cards, Ed Eger, left Citi last month. Naresh Kumar, who filled the post on an interim basis, now will be chief operating officer of the credit card unit. David Simon, who as head of customer engagement reported to Galant, "has decided to pursue other opportunities," according to the memo.
