dean

Capital One elevates new head of retail bank

  • Dean replaces the previous retail bank head, Kleber Santo
  • Prior to Capital One, Dean was a partner at McKinsey & Company, and a member of a founding team of payments company CashEdge

[avatar user=”Apoorva Garg” size=”thumbnail” align=”left”]By Apoorva Garg[/avatar]

Capital One Financial Corp has promoted credit card executive Lia Dean as head of its retail bank, the bank has confirmed.

Dean replaces the previous retail bank head, Kleber Santo. Kleber Santo left to join San Francisco banking giant Wells Fargo & Co as head of its newly created diversified segments, representation and inclusion group. According to the bank, the dean officially took over the reins on Friday.

Dean was most recently the head of Capital One’s upmarket card and card customer experience efforts, and a member of an executive committee for the bank. Prior to this she oversaw strategy and operations for its branches and Capital One Cafe locations and consumer marketing. She also serves as an executive sponsor for Empowire, Women’s Resource Group of Capital One.

Prior to Capital One, Dean was a partner at McKinsey & Company, and a member of a founding team of payments company CashEdge since its acquisition by financial solutions company FiServ.

Capital One shed some workers in the third quarter, down from 53,100 to 52,500, according to the new Securities and Exchange Commission. This is still higher than the 52,100 reported at the end of the first quarter and the bank reported 51,900 as reported at the end of 2019.

Meanwhile, the bank continues to work to close branches within its footprint. It filed 52 closure applications since June 30, according to a filing with the Office of the Comptroller of the Currency.

Its branch network is also shrinking at the national level, which has come down to 389 as of June 30, from the same point last year. The network has shrunk every year since 2010, when it had 773 branches across the country. It then successfully absorbed local stalwart Chevy Chase Bank in 2008.

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Capital One has described its branch strategy as optimization as more customers turn to digital banking.

There is a shrinking branch footprint between the roller-coaster year for Capital One. The small business administration’s paycheck protection program drew a flurry of criticism for its rocky – and slow – slow rolloff, issuing loans of its size or less than other banks. The bank was recently fined $ 80 million by regulators for the 2019 data breech, and agreed to various improvements to its reporting structures.

While the bank’s share has rebounded somewhat from its March Lions to around $ 42 per share, gradually rising back to around $ 78 per share, it has been anywhere from more than $ 100 per share to its pre-Covid. High does not have.