Citigroup’s Magner to Step Down

Citigroup Inc. said Monday that Marjorie Magner, its consumer banking chief and one of the most powerful women on Wall Street, would leave the world’s largest bank to focus on the academic world or philanthropy.

Magner, 56, has overseen 22% annual growth at the consumer banking unit since becoming its chief in 2001. The unit includes branches, credit cards and consumer finance.

Magner’s departure, after 19 years at Citigroup, follows last month’s resignation of Chief Operating Officer Robert Willumstad.

“After much discussion, Marge and I have agreed that this is the right time for her to pursue a career change outside of the financial services industry,” Chief Executive Charles Prince said in a statement.

Said Magner, “I have reached a turning point in my life and my career. I feel it is the right time for a change.”

Magner regularly ranks at or near the top of lists of the most influential women in banking and last year ranked No. 5 in Fortune magazine’s list of the most powerful women in business.

“Prince is trying to put his stamp on the company,” said Marshall Front, who oversees $1.3 billion at Front Barnett Associates in Chicago, including about $43 million in Citigroup shares.

Magner’s departure was announced after the close of trading Monday. Earlier, Citigroup shares fell 4 cents to $44.20.

Magner will be replaced by Ajay Banga and Steven Freiberg. Banga, 45, president of North American retail banking, will lead international operations of the global consumer group, while Freiberg, 48, who oversees the credit card unit, will be in charge of North American business.