Jan 7 (Reuters) - Citigroup Inc on Tuesday named David Chubak head of U.S. retail banking effective immediately, according to a memo seen by Reuters.
The announcement marks the first major appointment by new global consumer banking head Jane Fraser since she took the position.
Chubak, who joined the bank in 2013, was previously the global head of retail banking and consumer lending and had previously served as head of productivity where he focused on cost cutting.
In his new role, Chubak will work toward helping achieve Citigroup’s ambition to become a national consumer bank, expanding its wealth management business and rationalizing Citi’s branch footprint, the memo signed by Fraser and U.S. Consumer Banking head Anand Selva said.
Citi’s retail bank primarily operates in six metropolitan areas.
Citigroup, the third-largest U.S. bank by assets, has been relying on its robust credit card business to drive growth in its retail bank. The New-York based bank has been pitching deposit accounts to credit card customers which has led to billions of dollars in deposits gathered outside its physical branch network.
Fraser was named global head of the consumer bank and president late last year, putting her in a position to succeed Citigroup’s chief executive officer, Michael Corbat.
Reporting by Imani Moise in New York Editing by Matthew Lewis