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.