Citigroup takes on new guru of cost-cutting
Lender recruits co-author of 2007 McKinsey report on subprime mortgage 'opportunities'
Citigroup, the bank that's cutting 11,000 workers and shutting branches, has hired David Chubak from McKinsey to help oversee cost-cutting.
Chubak, 32, will be head of productivity and report to chief executive Michael Corbat, according to an internal memo.
He was previously was a partner in the global bank and securities practice at McKinsey, a New York-based consulting firm.
Mark Costiglio, a Citigroup spokesman, confirmed the memo's contents.
Corbat, 52, who took over in October after the ousting of Vikram Pandit, has pledged to make Citigroup more efficient.
Last month, he said the New York-based lender might exit or pull back from businesses in countries where results are "unsustainable", which could mean more branch closings and dismissals beyond those already announced by the third-biggest United States bank.
"David will work closely with senior management and their teams to redesign processes, eliminate redundancies and drive efficiencies," Corbat said in the memo. "He will also help to set challenging productivity goals for all of our products, geographies, and functions."