Citi loses Ajay Banga to MasterCard

Citi veteran and respected Asia-Pacific CEO Ajay Banga departs to take on the top job and a guaranteed package at MasterCard, adding further to the woes of the struggling US bank.

Citi and MasterCard announced on Friday that Ajay Banga has resigned from his position as Asia-Pacific chief executive officer at the US bank to join MasterCard as president and chief operating officer.

Banga will join the credit card provider on August 31, reporting to Robert Selander who is currently president and CEO. Selander will relinquish the president title to Banga, while retaining his role as CEO. Together with the terms Banga has negotiated, this suggests the Citibanker has been hired to eventually take on the head honcho's job at MasterCard.

In the Citi statement, CEO Vikram Pandit referred to the significant contributions Banga has made to building the...

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