Citigroup’s retail companies chief leaves financial institution for out of doors job

Citigroup’s David Chubak, who final yr took over as head of the agency’s retailer bank card enterprise, is departing for an outdoor alternative. 

Chubak will stick with the New York-based financial institution by way of the top of the month, in response to a memo to workers this week. The agency will conduct a seek for his substitute as head of the retail companies enterprise, which gives private-label and co-brand bank cards for retailers together with Macy’s and Greatest Purchase.

“With customers quickly shifting towards on-line procuring and digital funds and eager to get pleasure from a standard retail expertise safely, he helped guarantee we have been all the time one step forward of the evolving dynamics, providing new methods for our companions to interact with and serve their prospects,” Gonzalo Luchetti, who oversees Citigroup’s U.S. client banking arm, mentioned within the memo. 

Chubak joined Citigroup from McKinsey & Co. in 2013 as head of productiveness, reporting on to then-Chief Govt Michael Corbat. Earlier than turning into head of retail companies in 2021, Chubak oversaw the financial institution’s U.S. retail banking arm through the early days of the COVID-19 pandemic, when the agency’s mortgage and wealth administration groups have been coping with a surge in quantity. 

Citigroup introduced Friday it could rebrand its international client banking unit as private banking and wealth administration, which can embody the U.S. playing cards and retail banking companies, in addition to these divisions that handle cash for rich purchasers.

The overarching unit will proceed to be led by Anand Selva. The retail-services enterprise noticed income drop 10% within the remaining three months of the yr as customers continued to pay down debt and the corporate confronted increased companion funds. Nonetheless, new-account acquisitions jumped 6% within the quarter, whereas spending on the unit’s playing cards soared 16%. 

“Retail companies spend volumes are up 16%, so very wholesome,” Chief Monetary Officer Mark Mason instructed analysts and buyers on a convention name. The financial institution is getting “an excellent response when it comes to new accounts approaching board.”

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