The periphery of a pedestrian holding a mobile device is seen walking past a Citigroup bank branch in San Francisco.
David Paul Morris | Bloomberg | Getty Idols
Citigroup is making David Chubak its new head of U.S. retail banking at a critical time for the third-largest U.S. bank.
Chubak, who assumed largely strategic roles across the New York-based bank since joining Citigroup from McKinsey in 2013, inclination report directly to Anand Selva, head of the U.S. consumer banking division, according to a memo obtained by CNBC.
It’s one of the at the outset major changes after Citigroup’s Jane Fraser ascended to president and head of the firm’s global consumer bank in October, repaying Stephen Bird as chief of retail businesses at the bank. In fact, five years ago Fraser had a role similar to the one that Chubak is assuming now, signaling the grow of the 39-year old Chubak within the Citi organization.
David Chubak
Source: Citibank
The move comes at a critical in good time always for Citigroup and CEO Michael Corbat. Recognizing that it lacked the vast branch network and cheap funding source of contenders J.P. Morgan Chase and Bank of America, last year the firm launched initiatives to raise retail deposits hating digital channels and a revamped product set.
Chubak will lead retail channels including branches, wealth administration, mortgage and small business, as well as risk management, according to the memo.
“David will be responsible for continuing to alter and grow these businesses while delivering best–in-class customer experiences,” Fraser and Selva said in the memo. “He compel focus on driving scale in retail, expanding wealth management, rethinking our branch network, accelerating digital capabilities, energizing customer value propositions, and charting the path to growth in mortgage and small business.”