Citi shuffles consumer banking leadership team

Citigroup announced a slate of leadership changes in its U.S. consumer banking business on Tuesday.

Gonzalo Luchetti will become head of U.S. consumer banking, effective Feb. 1. Luchetti is currently head of consumer banking in Asia Pacific and Europe, the Middle East and Africa. Before moving to Asia, he was Citi’s global head of wealth management and insurance in the U.S.

In a memo to staff, Anand Selva, the CEO of global consumer banking, praised Luchetti for launching digital partnerships in India and Southeast Asia, as well as growing the company’s wealth management business during the pandemic.

“This move will ensure strategic continuity and strong leadership as we accelerate the transformation of our business model,” said Selva, who preceded Luchetti as head of U.S. consumer banking. Selva stepped into his current role when Jane Fraser, who had held the role previously, was named Citgroup's CEO.

On May 1, David Chubak, now head of U.S. retail banking, will become head of Citi retail services, the company’s private-label and cobranded consumer and commercial credit card businesses. Craig Vallorano, currently head of Citi retail services, will become head of U.S. retail banking. Chubak and Vallorano are essentially switching roles with this move, giving Chubak exposure to credit cards and Vallorano experience in retail banking.

"U.S. consumer banking operates as a single unified franchise with an integrated strategy that leverages strengths, assets, best practices and partnerships across lines of business,” Selva said in the memo. “This move will ensure we are enabling continuous career development by broadening experience and building a versatile leadership team.”