Citigroup Taps J.P. Morgan Executive for Technology Role
August 16 2016 - 9:40AM
Dow Jones News
Citigroup Inc. has tapped a top J.P. Morgan Chase & Co.
executive to run technology for its consumer bank.
The New York bank is expected to announce the hiring of J.P.
Morgan technology executive Gavin Michael to employees on Tuesday
morning in a memo from Stephen Bird, the head of Citigroup's
consumer bank.
In the memo, a copy of which was reviewed by The Wall Street
Journal, Mr. Bird said Mr. Michael will lead the "long-term
strategic direction" of consumer-banking technology, alluding to
moving to cloud-computing, making better use of data to help
customers, and making more services automated.
Like other big banks, Citigroup is trying to harness Silicon
Valley ideas to lure customers, and also to make the bank's own
tasks more efficient. Part of the strategy is to create better
mobile and online offerings so customers can do more self-service
business, such as depositing checks via cellphone apps rather than
through a teller. Those shifts can be more convenient for customers
but also far less expensive for the banks.
Mr. Michael, who has a Ph.D. in computer science, is head of
digital for consumer and community banking at J.P. Morgan. He was
previously the chief technology innovation officer at consulting
firm Accenture PLC. He will be based in New York, with oversight of
the roughly 4,000 technology employees in Citigroup's consumer
bank. He is slated to start in November, and will replace Mark
Torkos, who retired in July.
At J.P. Morgan, his team oversaw a relaunch of the Chase website
as well as data-driven projects on how to reach consumers,
especially on mobile.
Mr. Michael's arrival comes a few days after the announced
departure of another Citigroup consumer-banking executive. The head
of Citi FinTech, Heather Cox, is leaving to be chief technology and
digital officer at USAA, which provides banking, insurance and
financial planning services to members of the military and their
families. Citi FinTech, a part of the consumer bank, focuses on the
bank's mobile-banking initiatives. Citigroup hasn't named a
permanent replacement for Ms. Cox.
Write to Christina Rexrode at christina.rexrode@wsj.com
(END) Dow Jones Newswires
August 16, 2016 09:25 ET (13:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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