Citigroup says global card chief Linville leaving in shakeup

Citigroup Inc said on Monday that Jud Linville, the head of global cards and consumer services, is leaving the company as part of a reorganization of executives in its global consumer banking businesses.

David Chubak, currently global retail banking head, will also oversee global branded cards and consumer lending, the bank said. Anand Selva, the current head of consumer banking in Asia, will become head of U.S. consumer banking, including branded cards, digital banking and wealth management.

The changes were described in a memo from Stephen Bird, chief executive of Citigroup`s global consumer banking business.

Linville, formerly of American Express Co, had been at Citigroup for eight years and had streamlined the company`s line up of cards. But in recent years, the division has failed to meet targets after encountering stiff competition from JPMorgan Chase & Co for premium card customers and after outbidding American Express for the card business of retailer Costco

Linville did not respond immediately to a request for comment.

Bird said in the memo that the reorganization was designed to "harmonize" the operations of Citigroup`s global consumer banking businesses.

Citigroup said in July 2017 it expected the global consumer banking businesses to provide much of the profit growth it expects by 2020.

Anand has been with Citigroup for 26 years, the last three of which he has been responsible for the consumer business in 17 countries, primarily in Asia, Bird said.

Citigroup has said it is bringing to the United States advanced digital consumer banking tools that it developed in Asia. The bank is setting out this year to market a digital banking app across the United State to people who live far from its branches, which are located around just six U.S. cities. It hopes the digital move will bring in more deposits and support its Citigold accounts for wealthier individuals.

Bird said the changes align the U.S. business with the model Citigroup uses in Asia and Mexico that has produced "cross-product synergies, greater collaboration and accelerated speed to market and decision-making."

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

TAGS:

Economy