Citigroup names Anand Selva global head of consumer banking

NEW YORK: Citigroup Inc said on Monday, Anand Selva will become head of its global consumer bank in January, filling the spot left vacant by Jane Fraser when she becomes the first female CEO of a major Wall Street bank.

Selva, who has been at the firm for nearly three decades, has helped shape the international banking giant's consumer strategy in different regions including Asia and the United States. Most recently, he was served as CEO of US consumer banking since 2018.

"Anand has unified our products into one client-centric business, strengthened talent and deployed a digital-first strategy that is elevating the growth trajectory of our franchise," the bank said in a joint memo signed by Fraser and outgoing CEO Mike Corbat.

Additionally, the bank said that Chief Risk Officer Brad Hu has decided to leave the bank after 12 years at the firm.

Last month Citigroup agreed to pay a $400 million penalty and overhaul its risk management, data governance and internal controls across the company after US regulators identified "several longstanding deficiencies" and operational lapses.-Reuters