The New York-based bank said on Monday that Marjorie Magner, Chairman & CEO of the company's Global Consumer Group, will leave to pursue 'a career change outside the financial services industry.'
Banga, 45, will head the group along with Steven Freiberg, 48, currently Chairman and CEO of CitiCards North America. Banga will lead the group's international operations while Freiberg will head the North American business.
Both will report directly to Charles Prince, Citigroup's CEO, and will join the business heads committee. The GCG staff functions will remain centralized and will report jointly to Banga and Freiberg, according to Citigroup.
As part of the change, the financial-services giant plans a realignment designed to reinforce customer focus, and also formed a new operating committee and expanded its business-heads committee.
Citigroup said in a press release Monday that Magner, 56 years old, will work until October 1 to ensure a smooth transition with her two successors -- Banga, 45, currently president of retail banking of North America, and Freiberg, 48, chairman and chief executive of Citi Cards North America.
Banga joined Citigroup in 1996 and has extensive international experience in a variety of consumer-related roles. Since early 2002, he has been the president of retail banking North America.
During this period, Banga has been instrumental in the expansion of the branch banking business through acquisitions, the creation and successful operation of the commercial business group, and the substantial growth of the mortgage and student lending franchises.