March 6 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. lender, promoted Jane Fraser as head of U.S. consumer and commercial banking to succeed Cecelia Stewart, who plans to retire at the end of April.
Barbara Desoer, 61, was named head of Citibank N.A., replacing Eugene McQuade, 65, who’s also retiring and was nominated to become a member of the parent company’s board of directors, Chief Executive Officer Michael Corbat said in a memo to employees. Fraser, 46, will continue to oversee home lending and report to global consumer banking CEO Manuel Medina-Mora, 63, according to the memo.
“Since becoming CEO of CitiMortgage and joining the operating committee, Jane has moved quickly to lay the foundation for the business’ long-term success,” Corbat said in the memo, obtained today by Bloomberg News.
Corbat, 53, is shuffling retail managers as he looks to U.S. consumers for growth. Citigroup has fewer than 1,000 domestic branches, compared with about 6,200 for San Francisco-based Wells Fargo & Co., which runs the biggest network.
North America CEO Bill Mills, 58, will add oversight of Citi Holdings, which McQuade had overseen, according to the memo. Mills also will add Japan to his responsibilities, the company said.
Citigroup announced Stewart’s hiring from New York-based Morgan Stanley in September 2010, and she set out to overhaul the consumer-banking unit. In March 2012, she expanded William Howle’s role in the commercial-banking arm, making him the unit’s U.S. head.
Fraser was named head of CitiMortgage in May 2013 after running the lender’s private bank for four years. Fraser, a former McKinsey & Co. consultant, joined Citigroup in 2004.
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