People Moves

Citigroup Revamps Credit Card Unit, Including HNW Segment

Tom Burroughes Editor London 21 July 2009


Citigroup is revamping the management of its credit cards business, including services focused at high net worth clients, according to Bloomberg. Citigroup reported quarterly results late last week.

In a memo to staff seen by the news agency, Paul Galant, the chief of the credit card division, said Ed Garofalo, who oversaw the bank’s branded cards business, will now oversee a group focusing on the mass market.

Terry O’Neil will head a team focusing on “spend-centric” high-net-worth customers, while Debjani Majumdar will manage a “high-risk” segment helping to “cure accounts with future potential while minimising risk,” Mr Galant wrote.

Mr Galant was named in April to run the unit by chief executive Vikram Pandit.

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