Citi appoints Dial to head consumer banking

As part of its ongoing corporate restructuring, Citi has appointed Teresa Dial as the chief executive officer of consumer banking in North America. Reporting directly to Vikram Pandit, the group’s chief executive officer, she will also assume the title of global head of consumer strategy.

In this newly created role, Dial will oversee all the consumer banking businesses in North America, with the exception of Citi Cards. She will be based at the group’s global headquarters in New York, and will also be responsible for directing global retail banking strategy.

Dial was previously group executive director of retail banking at London-based Lloyds TSB. She has also been also chief executive officer at Wells Fargo Bank, based in San Francisco, where she worked for 28 years.

The bank has also restructured its global prime and finance business, by appointing Nick Roe as the new head. He is replacing Ali Hackett and Tom Tesauro, co-heads of global equity finance and prime brokerage, who are both leaving the bank. Roe joined Citi from Deutsche Bank in 2005, and has most recently been in charge of the European part of this business. He will be based in London and will report to Steve Bowman, the head of hedge fund services.

Citi has also established a new regional structure, in which each region is led by a single chief executive officer reporting directly to Pandit. Ajay Banga will manage Asia-Pacific, including Japan, while western Europe, the Middle East and Africa will be headed by William Mills. Shirish Apte will be in charge of central and eastern Europe, and Manuel Medina Mora will continue to lead Mexico and Latin America.

The changes are part of the major bank overhaul that Pandit has embarked on since taking over from Charles Prince, who left the bank in November. The bank recently announced an $18.1 billion writedown due to losses linked to US subprime debt.

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