Citi is set to hire Terri Dial - who is currently head of retail banking at UK bank Lloyds TSB - to revive its struggling US consumer business.
Press reports citing "people familiar with the matter" state that Dial is expected to be named Citi's new global head of consumer strategy, with responsibility for revitalising the US bank's domestic retail banking and consumer finance business.
Dial's appointment is expected to be part of a wide reaching overhaul by Citi's chief executive Vikram Pandit, who took over from Chuck Prince in December, as he moves to split up the bank's operations along geographical, rather than business, lines.
Californian Dial was tempted out of semi-retirement by Lloyds TSB's US-born chief Eric Daniels in 2005 and took over management of the UK bank's retail operations.
She retired from a similar position at Wells Fargo in 2001 after 28 years at the US bank and held directorships at several small technology firms.
Update
Lloyds TSB has confirmed that Dial has decided to leave the group.
In a statement Lloyds TSB says Dial has agreed to stay with the group for a period "to ensure an orderly transition of her duties".
The bank says it has commenced a global search to find a suitable replacement.