Citi just announced a leadership reshuffle in its retail bank as new head Anand Selva takes the reins, and the promotions point to a big digital push
- Citi announced a handful of senior promotions for its retail bank on Tuesday, according to a memo seen by Insider.
- Gonzalo Luchette, head of consumer banking in Asia Pacific and EMEA, was named head of US consumer banking, effective February 1.
- David Chuback, head of US retail banking, and Craig Vallorano, head of Citi Retail Services, will swap roles, starting May 1.
- The announcements come following Anand Selva taking over as CEO of Citi's global consumer banking at the start of the year. Selva replaces Jane Fraser, who will take over for Citigroup CEO Michael Corbat in February.
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Citi's global retail bank is under new leadership, and the new head is already leaving his mark on the bank with some leadership changes.
Anand Selva, who previously served as CEO of Citi's US consumer bank, has taken over for Jane Fraser as head of global consumer banking at Citi. Fraser was tapped to replace Michael Corbat as CEO of the bank beginning in February.
Read more: The real reasons behind Citigroup CEO Mike Corbat's retirement
Selva, who officially started in his new role on January 1, has named the successor for his previous job, along with some other changes.
Gonzalo Luchetti, head of consumer banking in Asia Pacific and EMEA, will serve as Citi's new head of US consumer banking, beginning February 1, according to a memo seen by Insider. Luchetti previously served as global head of wealth management and insurance in the US and has been with Citi for 14 years.
"Gonzalo's breadth of experience, digital acumen, commercial mindset and customer-centricity make him the right leader to accelerate the growth of our US franchise," Selva said in the memo.
See more: What's in store for 5 big banks like JPMorgan and Citi in 2021, from leadership changes to ambitious tech pushes
Reuters first reported the news of the promotion.
As head of consumer banking in Asia Pacific and EMEA, Luchetti's track record involved deepening Citi's existing digital presence and building out the bank's wealth management business there, the bank said.
"Gonzalo has championed customer advocacy at every level to drive strong improvements in NPS across digital, cards and retail," Selva said in the memo, referring to the bank's net promoter score, or how likely Citi customers are to recommend the bank's services to other people.
In Asia, mobile adoption grew 18% in 2020 under Luchetti, along with digital partnerships launched with tech companies in India (PayTM), Hong Kong (HKTV Mall) and Southeast Asia (Grab). That expertise is likely something Selva will look to lean on as he takes the reins of Citi's consumer bank.
Selva is no stranger to digital transformations. A nearly 30-year veteran of the bank, he's long been an advocate for digital projects within Citi, according to a Wall Street Journal story announcing his appointment in November.
Meanwhile, two senior leaders at the bank are swapping roles. David Chuback, head of US retail banking, and Craig Vallorano, head of Citi Retail Services, will switch jobs as of May.
Retail services at Citi encompasses the bank's sweeping consumer and commercial credit card franchise, one of the largest in the US.
And while the retail banking business operates around 700 branches in the US — far fewer than its major competitors like Chase and Wells Fargo — the upcoming rollout of its partnership with Google is an affirmation of the bank's light physical, digital heavy strategy.
Read more: Google is overhauling its Pay app to be a one-stop shop for your financial life — and teaming up with Citi and other banks to do it
Google has partnered with Citi and other banks to offer retail banking services like checking accounts, or "Plex" accounts, through its Google Pay app.
"US Consumer Banking operates as a single unified franchise with an integrated strategy that leverages strengths, assets, best practices and partnerships across lines of business. This move will ensure we are enabling continuous career development by broadening experience and building a versatile leadership team," Selva said in the memo.
No replacement for Luchetti has yet been announced. Citi reports its fourth quarter earnings on Friday, and Wall Street analysts are awaiting further information on any changes Fraser might make as she steps into her new role.
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