It was announced on Friday that respected Asia-Pacific CEO of Citi, Ajay Banga, is leaving Citi in order to become MasterCard’s president and chief operating officer. Banga occupied the newly developed position as Asia-Pacific CEO since 2008 and will relocate back to the United States from Hong Kong where he has been since his Citi CEO position. At MasterCard, Banga will be starting with a salary of $800,000 with annual bonuses. Citi’s future is still unknown and it is said that many of Banga’s recent fellow employees have decided to look for positions elsewhere. Citi’s great loss of Banga is a great gain for MasterCard, and his shoes will be hard to fill at Citi.

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