April 17, 2024

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[THE INVESTOR] Citibank Korea’s consumer banking head Brendan Carney who has been leading its plans to shut down 80 percent local branches will extend his tenure possibly for another one year, according to industry sources on June 26.

His tenure is scheduled to expire on June 30 but Citibank’s Asian headquarters has reportedly decided to retain him to complete the Korean unit’s ongoing efforts to go digital. 

Brendan Carney, Consumer Banking Head at Citibank Korea

Citibank Korea in April announced it would reduce 126 banking branches to 25 by the end of this year as part of its strategic moves to focus more on wealth management and digital banking. But the plan faced resistance from the union, sparking speculations about the bank’s exit.

Carney, who is also vice president at the bank, has been credited for his role in the bank’s digital transformation. Before joining the Korean team, he also led the restructuring program in Poland.

By Park Ga-young (gypark@heraldcorp.com)