Citi's Asia consumer banking head returns to US in leadership shuffle
Singapore
CITI will soon appoint a new regional consumer banking head for Asia-Pacific and Europe, Middle East and Africa (EMEA), with its current head due to vacate the post.
Gonzalo Luchetti, who has been running Citi's consumer banking business for Asia-Pacific and EMEA since 2018, will return to the US to head the consumer banking unit from Feb 1.
A 14-year Citi veteran, Mr Luchetti succeeds Anand Selva, who was promoted to global consumer banking head in November last year. Mr Selva in turn is succeeding Jane Fraser, who will become the global lender's chief executive officer. Ms Fraser will be the first woman to lead a major Wall Street bank.
In an internal memo seen by The Business Times, Mr Selva said Mr Luchetti's move is part of efforts to "fulfil our ambitions for 2021 and to ensure we are enabling and modelling career development through career mobility and broadening leadership experience".
"We will begin a thorough search for a new head of the Asia-Pacific and EMEA consumer bank immediately," said Mr Selva.
He also said that Mr Luchetti's "unwavering client focus" has driven the region's strong performance, maintaining profitability during the Covid-19 crisis, driving double-digit growth in mobile users, investment revenue and net new money in 2020, and reducing complaints by 50 per cent over the past two years.
Prior to his move to Asia, Mr Luchetti served as global head of wealth management and insurance in the US.
