Citi today announced that Teresa A. "Terri" Dial has been appointed Chief Executive Officer of Citi Consumer Banking in North America, reporting directly to Citi Chief Executive Officer Vikram Pandit.
In addition, Ms. Dial was named Global Head of Consumer Strategy, and in that position she will direct the company's retail banking strategy worldwide. Ms. Dial will be based at the company's global headquarters in New York.
In her newly created role, Ms. Dial will oversee Citi's Consumer Banking businesses in North America, including Citi's Retail Branch Network, CitiFinancial, CitiMortgage and all other consumer businesses with the exception of Citi Cards.
Ms. Dial has led two very successful consumer banking operations - Wells Fargo Bank in the United States and Lloyds TSB UK Retail Banking. She is widely known for achieving industry-leading financial results by operating tightly managed businesses driven by pioneering innovation.
"During her 35-year career, Terri has earned a reputation as one of our industry's most dynamic and effective leaders," said Mr. Pandit. "She has a record of great success in achieving impressive bottom-line results, building customer loyalty and fostering a strong employee culture. Her innovative work in new products, technology and distribution strategies has driven consistent profitability and growth for her organizations while setting new standards of excellence for the banking industry."
Separately, Vikram Pandit, Citi's Chief Executive Officer, today announced a comprehensive reorganization of Citi's structure to achieve greater client focus and connectivity, global product excellence, and clear accountability. The new organizational structure will allow Citi to focus its resources towards growth in emerging and developed markets and improve efficiencies throughout the company.
Citi has established a regional structure to bring decision-making closer to clients. It is empowering the leaders of the geographic regions with the authority to make decisions on the ground. These geographic regions are each led by a single chief executive officer who reports to Mr. Pandit. Asia Pacific, including Japan, will be led by AjaAjay Banga. Western Europe, Middle East and Africa will be headed by William Mills. The Central and Eastern European region will be led by Shirish Apte. Manuel Medina Mora will continue to lead Mexico and Latin America.
In addition, Citi has reorganized its consumer group into two global businesses - Consumer Banking and Global Cards. The company announced today in a separate press release that Teresa A. "Terri" Dial will join Citi as Global Head of Consumer Strategy and CEO of Consumer Banking in North America. Citi has also consolidated its United States and international credit card businesses into a single global business led by Steven Freiberg, CEO of Global Cards.
Institutional Clients Group and Global Wealth Management, which are already organized as global businesses, will continue to be led by John Havens and Sallie Krawcheck, respectively. The four global businesses will allow Citi to deliver on product excellence in close partnership with the regions. The product leaders also will report to Mr. Pandit.