As per the data released by the bank, Asia Pacific contributed 37% to Citi’s global net income in the first quarter of the year, and consumer banking in Asia making up almost half of that number.
Citi’s retail banking business comprises a vast branch network of 4,600 around the globe with almost 700 in Asia.
Apart from heading his current role, Larsen will head consumer banking for the Asia-Pacific region and continue to report to Asia Pacific chief executive Stephen Bird and the head of Citi’s consumer group, Manuel Medina-Mora for better co-ordination.
The bank said in a statement that Jonathan and the retail-banking business unit will work to develop global platforms that enable effective, efficient and universal execution.
"The success of our consumer and commercial banking businesses will be based on our ability to execute on our strategy to harness the power of one global business and operating model," Citi said.
The US lender is aggressively planning to strengthen its footprint in emerging markets, and to expedite this process Citi has planned to invest $3bn to $4bn in consumer banking over the next two to three years.
In 1998, Larsen joined the firm and was appointed as the head of Asia Pacific consumer banking in 2009.
