Citigroup’s Asia Unit Chief Is Going to MasterCard

Mr. Banga, a longtime executive who was one of Citigroup’s rising stars, was named MasterCard’s president and chief operating officer, putting him in line to run the global payment company.


The move, announced on Friday, is the latest high-profile departure from Citigroup, and underscores the difficulty that Vikram S. Pandit, the chief executive, is having holding his management team together after three government rescues.


Citigroup insiders say there is frustration among the executives just below Mr. Pandit’s inner circle of advisers. These executives feel excluded from crucial management decisions, exhausted by months of long hours and uncertain about the government’s involvement when it secures a nearly 34 percent ownership stake, these people say.


A Citigroup spokesman declined to comment.
Mr. Banga’s exit also could be a blow to Mr. Pandit, who is under pressure to turn around the troubled bank. Regulators at the Federal Deposit Insurance Corporationare conducting a special management review after they raised concerns that Mr. Pandit lacked commercial banking experience. Mr. Banga, who climbed up the 


Citicorp ranks, was one of the few high-ranking executives with consumer banking expertise. Previously, he had run the Citigroup international banking franchise as well as its domestic credit card unit and retail banking units. He also helped lead a major brand overhaul for the bank.


Mr. Banga, 49, said he was leaving Citigroup for the chance to run a major public company, not because he was discontented. MasterCard said that Robert W. Selander, its longtime chief executive, was giving up his president’s title in a move that clearly telegraphs the payment company’s succession plans.


Mr. Banga’s departure is the latest in a string of departures from Mr. Pandit’s leadership team.
Gary L. Crittenden, Citigroup’s finance chief, stepped down this spring to deal with an illness in his family. Marty Lippert, the bank’s technology chief, and Sallie L. Krawcheck, Citigroup’s former head of wealth management, also left this year.