Multi-Year Investments into U.S. Bank

Multi-Year Investments into U.S. Bank are in the works by Citi’s Medina-Mora

Multi-year investments in people, infrastructure, marketing etc. are currently in the works by Citigroup Inc. The investments are expected to expand its North American consumer business.

Medina-Mora, 59, informed yesterday in a memo to her employees in the New York-based bank that the plan is fully supported by the Citigroup Chief Executive Officer Vikram Pandit. The bank is in a great position for sustainable growth and a chance to drastically improve its business.

Plans have been put to paper since early 2009 by Citigroup to develop a fruitful strategy for the consumer business, as the company has gotten a $45 billion bailout in 2008 and is still 18% owned by the U.S. Treasury Department.

Strategy sessions have been held last year with the division’s ex-chief, Teresa “Terri” Dial in order to plan the business’ turning into a “bank of the future.”  Michelle Peluso, 38, the former head of airline- reservation web-site was hired by Dial to act as a consultant during the sessions.


In January, Pandit, 53, took Dial’s place with Medina-Mora.  Peluso was then named the division’s full-time chief marketing officer and now reports to Medina-Mora, who announced in a memo that he has been evaluating and reviewing the North American division of the Mexico-based company.

The distribution infrastructure of the company is also due for an upgrade, and the bank is planning to improve the sales force as well. Lending to small and mid-sized businesses will also be strengthening.

Providing global travelers and executives with an international network of automated teller machines, multi-language customer support, and currency exchange programs are Citigold’s main services.

Dial’s “bank of the future” is also channeled in Medina-Mora’s promise that Citigroup will develop new and innovative cards and banking solutions, as well as “seamless” experiences for its customers.