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.
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