Citigroup poaches Lloyds retail bank chief

Lloyds TSB retail banking chief executive Terri Dial is understood to have been poached by beleaguered bank Citigroup to run its consumer business. Her appointment is part of a wider reshuffle of Citi’s structure under new chief executive Vikram Pandit.

Dial will be tasked with rejuvenating Citigroup’s US retail banking, consumer finance and credit card operations. She is expected to replace Steven Freiberg and take the title of global head of consumer strategy.

Dial was drafted in by Lloyds TSB in June 2005 to reinvigorate its retail banking performance. The American joined from internet search company LookSmart, where she was chairman, replacing Peter Ayliff who left earlier that year. Previously, she worked at US West Coast bank Wells Fargo, leaving in 2001 after 18 years.

Pandit, who took over in December from Chuck Prince, is expected to unveil a rescue plan that will involve reorganising the company’s units geographically instead of by business line.

Citi and Lloyds TSB declined to comment on Dial’s appointment.