Citi names former McKinsey partner David Chubak head of US retail banking

21 January 2020 Consulting.us

Citigroup has named David Chubak as its head of US retail banking. Chubak has held senior strategic roles at the bank since 2013, when he joined Citi from management consultancy McKinsey & Company.

In the role, Chubak will head retail banking channels, including branches, wealth management, mortgage and small business, and risk management. He will report to Anand Selva, head of US consumer banking, and replaces Will Howle, who retired in April.

“David will be responsible for continuing to transform and grow these businesses while delivering best–in-class customer experiences," Jane Fraser, CEO of global consumer banking, and Selva said in a joint memo. "He will focus on driving scale in retail, expanding wealth management, rethinking our branch network, accelerating digital capabilities, strengthening customer value propositions, and charting the path to growth in mortgage and small business."

Citi names former McKinsey partner David Chubak head of US retail banking

The move arrives as the third-largest US bank reevaluates its branch network and examines digital avenues for competitiveness. Last year saw CEO Michael Corbat push ahead with initiatives to raise retail deposits through digital channels and revamped products. Citi, which lacks the vast branch networks of rivals JP Morgan Chase and Bank of America, may also add more physical branches in cardholder-dense areas to boost deposits and cross-sell products.

Chubak previously served as global head of retail banking and consumer lending, guiding strategy for payments and networks and modernizing Citi’s ATM network. Before that, he was head of global retail banking and mortgage, overseeing 65,000 employees. He joined Citi in 2013 as global head of productivity, having been lured away from consulting firm McKinsey & Company.

Chubak joined McKinsey in 2005 after graduating from the New York University School of Law. Within five years he was made a partner, having excelled in his work advising banks in the wake of the financial crisis. 

“The role requires a highly collaborative leader with a global perspective, a deep understanding of the U.S. market, and a client first focus to rethink and reimagine the business model,” Fraser and Selva added. “This move brings a leader with a deep understanding of our model and unique strengths into a critical role and aligns strong talent with our highest franchise priorities.”


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