Jonathan Larsen is Citi's Global Head of Retail Banking, appointed in June 2012. The Global Retail Banking business unit spans 40 countries, serving 27 million clients through some 4,600 branches and a wide range of digital and partner channels. The business houses approximately $400 billion in client assets in the form of deposits and investment assets under management. In 2011, Global Retail Banking generated $11.4 billion in revenues for the firm.
In parallel, Jonathan is Head of Citi's Consumer Business in Asia Pacific. Citibank is Asia Pacific's pre-eminent retail bank and credit card issuer with over 16 million customer accounts and more than 600 branches in Asia Pacific in 14 countries. Jonathan has been in this role since late 2009. In 2011, Citi reported revenues in its Asia Pacific Consumer Business of $8 billion, accounting for nearly 25 percent of Citi's consumer banking revenues globally. Net income was $1.9 billion, representing over 30 percent of Citi's Consumer Banking net income globally.
Jonathan is a member of Citi's Global Consumer Management Committee and Asia Pacific Executive Committee.
Jonathan joined Citi in 1998 and has held various leadership roles across Asia Pacific. Jonathan 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 assumed this role in September 2008. 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 over 800 and repositioning Citibank as a mainstream retail bank in Singapore. From August 2007, he assumed the additional role of Head of Citi's Consumer Business across South East Asia.
Under his leadership, Citi was named the Best Bank in Singapore by Euromoney in 2007 and 2009. During his tenure, Citi in 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, Jonathan was a Principal in the Financial Services Group of global management consultancy firm Booz, Allen & Hamilton (now Booz & Co). Jonathan 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. Jonathan began his career at the insurance and banking operations of the National Mutual Group in Australia and New Zealand.
Jonathan 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 Jonathan was named by The Asian Banker magazine as Retail Banker of the Year for Asia Pacific.
Jonathan holds a Bachelor of Arts with Honours (First Class) from the University of Melbourne where he was awarded the Enid Derham Prize for 1987.