June 27, 2012 / 1:28 AM / in 5 years

Citi fills global retail role with Larsen in Hong Kong

HONG KONG (Reuters) - Citigroup Inc C.N has named Jonathan Larsen as global head of its retail bank, filling the position for the first time with an Asia-based banker.

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

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below