Dial, a former Lloyds Banking Group and Wells Fargo (WFC) executive, was hired by Citigroup CEO Vikram Pandit in March 2008 to jumpstart the ailing bank's domestic consumer franchise. Citigroup said Dial is leaving for "personal reasons." She will remain a senior advisor to Citigroup.
Manuel Medina-Mora, chairman and CEO of Citi Latin America and Mexico, will replace Dial as CEO of Citigroup's Consumer Banking for the Americas operations. Medina-Mora will take on more responsibility for Citigroup's Latin America consumer operations, including that of Banamex, its Mexican retail operations, Citigroup said. Medina-Mora was also named Chairman of Citigroup's Global Consumer Council. In that role he will be responsible for Citigroup's global consumer strategy and work closely with all regional CEOs.
Citigroup noted in the press release announcing Dial's resignation that since joining the institution, she has repositioned its U.S. consumer business, while helping to manage through a challenging period in its U.S. credit card business. Under Dial's leadership, the "profitability of Citi's U.S. retail bank has been improved through the acceleration of deposit growth, improvement in cross sell metrics, and a reduction of expenses," the company said."Citi has built a strong financial and operating foundation for the future," Pandit said in a separate announcement about Medina. "We are now focused on developing our client franchise in our core businesses. Under Manuel's leadership, we will build on the progress we have made and execute our consumer strategy across our global consumer banking businesses and fully leverage our unmatched global network and emerging markets footprint."
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