Citigroup Names Davies to Oversee Global Mortgage Business

Citigroup Inc. named CD Davies head of its global mortgage business, overseeing originations in 14 nations and servicing.

Davies, who joined the lender last year as head of originations in North America, will continue to report to Jane Fraser, chief executive officer of the U.S. consumer and commercial bank, New York-based Citigroup said today in a statement. He previously ran mortgage units at Wachovia Corp. and Capital One Financial Corp.

Citigroup fell to seventh-place in U.S. mortgage originations in the third quarter from fourth place at the end of 2011 as the bank struggled to regain its footing after the financial crisis. The lender seeks to boost volume by tightening the links between business lines in the consumer bank.

“As we lay the foundations for future growth, we will continue to build on our partnership between Citi’s mortgage division and the retail bank,” Davies said in the statement.

Citigroup held $101 billion in North America mortgages on Sept. 30, and a $46 billion portfolio of home loans outside the U.S., according to the statement. The bank is set to report fourth-quarter earnings on Jan. 15.

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