Citigroup Inc. on Monday named a new leader for its global consumer bank and said its chief risk officer will leave, two changes that highlight how the incoming chief executive, Jane Fraser, can start making her mark on the bank.
Ms. Fraser, currently the head of Citigroup’s consumer bank, will become CEO in February, when Michael Corbat retires. Ms. Fraser is tapping one of her top lieutenants, Anand Selva, to replace her as head of the consumer bank, according to an internal memo from Mr. Corbat and Ms. Fraser.
The consumer bank has long been viewed as an area where Citigroup could increase profits. Mr. Selva has run U.S. consumer operations, which includes both the retail bank and credit cards, since 2018.
Mr. Selva, who was previously in Asia for Citigroup, is a leader behind the bank’s focus on digital consumer offerings, largely shunning the heavier focus on branches that defined some rivals. For instance, he spearheaded agreements with Google and American Airlines Group Inc. to create new banking products. He has been at Citigroup since 1991.
Ms. Fraser and Mr. Corbat also said that Brad Hu, the longtime chief risk officer, will step down at the end of the year. The memo said the move was Mr. Hu’s choice and praised his tenure.
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