Citi Restructures, Names Freiberg Top Global Card Exec

Citigroup made official today a restructuring of its far flung enterprises, creating regional banking groups led by new executives, and shifting the leadership of its credit card and consumer banking operations.

Teresa Dial was named global head of consumer strategy and CEO of Consumer Banking in North America. Dial comes from Lloyd’s TSB Group Plc’s retail banking operations in the United Kingdom.

Steven Freiberg was named CEO of Global Cards, a combination of Citi’s U.S. and international card operations. Since August 2005, Freiberg has been co-head of the Global Consumer Group, leading North American operations, including cards in that region.

Citi’s credit card receivables in the U.S. tallied $110.6 billion at the end of 2007, behind Bank of America’s $164.2 billion, and JPMorgan Chase’s $150.5 billion, according to The Nilson Report, a payment industry newsletter. Citi also trailed in the categories of Most Credit Cards issued, and Highest Purchase Volume, Nilson reported.

Citi named the following regional leaders: Ajay Banga, Asia Pacific; William Mills, Western Europe, Middle East and Africa; Shirish Apte, Central and Eastern Europe; and Manual Medina, Mexico and Latin America.

Citi has seen its stock fall nearly 63 percent in the last 52 weeks to close at $20.83 last Friday. It took a loss of $9.8 billion in the fourth quarter due to write-downs on its mortgage portfolio.

The executive changes follow the ascension last December of Vikram Pandit to Citi’s CEO spot.