Citigroup announced Monday (Aug. 13) that Jud Linville, CEO of global cards and consumer services, will leave the bank as part of executive reshuffling. According to a report in CNBC, Citigroup is overhauling the executives in its global consumer banking businesses and, as a result, Linville will leave.
David Chubak, head of global retail banking and mortgage, will be in charge of the global-branded cards and the consumer lending business, reported CNBC. Anand Selvakesari, who is the current head of the consumer banking in Asia-Pacific, will become head of U.S. consumer banking, which will include branded cards, digital bank and wealth management. The job shifts were noted in a memo from Stephen Bird, chief executive of global consumer banking at Citigroup.
The shakeup at Citigroup comes as the company is trying to lure more banking customers. In June, Reuters cited Chubak, reporting that the bank is hoping to boost deposits without having to open new branches, make a buy or offer better rates than competitors, and is rolling out a new app in the third quarter of this year.
“People are willing to switch to a bank that is able to provide this kind of mobile-first experience,” Chubak told Reuters, pointing to internal research the company conducted. The app doesn’t have a name yet.
While Chuback said Citigroup could open branches over time in regions where it will help boost its wealth business, it currently isn’t planning to expand its physical locations. Citigroup is in cost-cutting mode on the consumer banking side of the business, with its chief executive vowing to slash costs in its consumer banking unit by $1.5 billion by 2020. Citigroup is betting that its technology, brand name and marketing to its 120 million U.S. credit card customers could result in more deposits coming its way. Reuters noted it could offer rewards for new deposits to credit card customers.