Citigroup’s McWhinney Leaves Wealth-Management Job
Citigroup Inc., the third-largest U.S. bank by assets, said that Deborah Doyle McWhinney will leave her position as head of personal wealth management for a newly created role in the global transactions business.
McWhinney, 55, will become head of “global digital merchant acquiring,” according to an internal memorandum obtained by Bloomberg News, the contents of which were confirmed by Sean Kevelighan, a spokesman. She will report to Paul Galant, head of global enterprise payments.
Citigroup Chief Executive Officer Vikram Pandit began an overhaul of consumer-banking operations last year to halt a slide in deposits. Last September, he appointed Cecelia “Cece” Stewart from Morgan Stanley to run the retail bank and she started her new job last month. McWhinney reported to Stewart.
“Over the past two years, Debby has done an excellent job of setting a strategy and driving execution for Citi’s personal banking and wealth management business, building tremendous momentum in products, risk and wealth management,” Galant and Stewart said in the memo. “She has led this business through massive industry and regulatory changes and has positioned the business for future growth.”
McWhinney was appointed in April 2009 by Teresa “Terri” Dial, the then-head of U.S. consumer banking replaced by Manuel Medina-Mora last year.
As head of personal wealth management, McWhinney oversaw what was left of Citigroup’s brokerage business. The financial crisis forced the bank to sell its Smith Barney unit into a joint venture with Morgan Stanley. The bank didn’t say who will replace McWhinney.
Citigroup gained 3 cents to $4.91 in New York Stock Exchange composite trading today. The company has climbed about 54 percent in the past 12 months.
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