Citi yesterday announced that it has appointed Jonathan Larsen head of Asia-Pacific consumer banking and global cards. He fills a role that was left empty when Stephen Bird was promoted to joint-CEO for Asia-Pacific in July.
Larsen will be responsible for all consumer products and consumer segments in the region.
His other responsibilities includes covering local commercial banking for small- and medium-sized companies together with Farhan Faruqui, Citi's Asia-Pacific head of global banking. Larsen will report to Bird and the other joint-CEO for the region, Shirish Apte. Bird and Apte took on this joint role as part of a top-level reshuffle that was triggered by the resignation of Citi's former Asia-Pacific chief, Ajay Banga, in mid-June. Banga left Citi to become president and CEO at MasterCard.
"[Larsen] brings tremendous experience and knowledge to this role and he has an impressive track record of building and leading businesses," said Apte, in a written statement. "We expect him to play a leading role in the ongoing expansion of our consumer franchise, and [to ensure] we are as responsive as possible to our customers' needs, who now more than ever are looking to us for the right advice and service."
Before this new role, Larsen was country head and country officer for Singapore, as well as CEO of Citibank Singapore. His successor has yet to be announced.
Since joining Citi in 1998, Larsen has held a series of senior management roles in the region. In 2005, he assumed a position as country business manager for Citi's Singapore consumer banking business, where he was responsible for increasing Citi's distribution through a partnership with Singapore Mass Rapid Transit Corporation and a branch expansion across the island. In 2007, he became head of Southeast Asia, looking after consumer banking in Indonesia, the Philippines, Guam, Singapore and Thailand. The next step was as the head of retail banking for all Asia-Pacific.
Before working at Citi, Larsen spent some time at management consultancy Booz, Allen & Hamilton, and prior to that, he worked in insurance and banking for National Mutual Group in Australia. He holds a Bachelor of Arts from the University of Melbourne.