Citi fills global retail role with Larsen in Hong Kong

Tue Jun 26, 2012 9:23pm EDT
 
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HONG KONG (Reuters) - Citigroup Inc (C.N: Quote) has named Jonathan Larsen as global head of its retail bank, filling the position for the first time with an Asia-based banker.

Citigroup has a far-reaching investment banking operation in Asia, although its consumer business in the region is a massive driver of revenue for the New York-based bank.

In the first quarter, Citi's Asia profit rose 18 percent to $1.1 billion, comprising 37 percent of Citi's global net income. Within Asia, Citi's consumer business produces about half of the region's annual profit figure.

Larsen, a 25-year industry veteran, will be based in Hong Kong and will continue to serve as head of Asia Consumer Banking, according to an internal memo.

(Reporting by Michael Flaherty; Editing by Chris Lewis)

 
A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. REUTERS/Mike Segar