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Global Head, Retail Banking and Mortgages
Jonathan Larsen is Citi's Global Head of Retail Banking and Mortgages. The business spans 24 countries, serving 26 million clients through more than 3,100 branches and a wide range of digital and partner channels. The business houses approximately $440 billion in client assets in the form of deposits and investment assets under management. In 2014, Global Retail Banking and Mortgages generated US$15 billion in revenues for the firm. Mr. Larsen is a member of Citi's Global Consumer Management Committee. He also serves on the Citigroup Asset and Liability Committee.
Mr. Larsen joined Citi in 1998 and has held various leadership roles across Asia Pacific and globally. From 2009 to 2015 he was Head of Consumer Banking in Asia Pacific, and from 2013 onwards held the additional role of Global Head of Retail Banking. Citi's consumer bank in Asia serves 16 million clients and is the largest pan-regional Credit Card issuer and the largest retail wealth management provider in the region.
In 2008 and 2009, Mr. Larsen was the Country Head and Citi Country Officer for Singapore, with oversight of the Institutional Clients Group, Consumer Banking and Global Wealth Management businesses. He was appointed in April 2005 as the Country Business Manager and CEO for Citibank Singapore Ltd. In this role, he was instrumental in transforming Citibank's presence from five customer touch points to more than 800 and repositioning Citibank as a mainstream retail bank in Singapore. In 2007, he assumed the additional role of Head of Citi's Consumer Business across South East Asia. Citi was named the Best Bank in Singapore by Euromoney in 2007 and 2009. During his tenure, Citi Singapore also won the Best Bank Award from The Asset, the Best Foreign Commercial Bank Award from FinanceAsia and the Best Retail Bank Award from The Asian Banker.
Prior to these roles, he was Head of Retail Banking in Asia Pacific and Head of Business Development. In this latter role he led a number of M&A transactions to expand Citi's business in Korea (acquisition of Koram Bank in 2004), China (investment in and strategic alliance with the Shanghai Pudong Development Bank in 2002) and Japan (acquisition of Diners Club Japan, 2000).
Before joining Citi, Mr. Larsen was a Principal in the Financial Services Group of global management consultancy firm Booz, Allen & Hamilton. Mr. Larsen spent eight years with Booz, Allen, advising major financial institutions across Asia, Europe and the United States and was a recipient of the firm's Professional Excellence Award. Mr. Larsen began his career at the insurance and banking operations of the National Mutual Group in Australia and New Zealand.
Mr. Larsen was Chairman of Citibank Berhad in Malaysia and a Director of Citibank Singapore Limited for a number of years prior to taking on his current global role. He has also served as a member of the Advisory Board of the National University of Singapore Business School. In 2011, Mr. Larsen was named by The Asian Banker magazine as Retail Banker of the Year for Asia Pacific.
Mr. Larsen holds a Bachelor of Arts with Honours (First Class) from the University of Melbourne, where he was awarded the Enid Derham Prize for 1987.