Insights

In a world of disruption and constant change, where ambiguity is the norm, we actively drive
conversations as thought leaders across multiple industries to generate insights that lead to
pragmatic outcomes.

Merryck Mentor,Rebecca Macieira-Kaufmann, Joins Revolut’s US Board

Fintech firm Revolut names former Citigroup executive Rebecca Macieira-Kaufmann to its US board

By Hugh Son, CNBC | Published December 2, 2020

  • Macieira-Kaufmann spent 12 years at Citigroup, most recently as head of Citigroup’s International Personal Bank in the U.S., the firm’s offshore wealth management arm.
  • She also ran Banamex USA, a business that Citigroup ultimately shut down in 2017 after regulators said the unit failed to correct weaknesses around controls.

European fintech giant Revolut has hired former Citigroup executive Rebecca Macieira-Kaufmann to its U.S. board as it seeks to expand in the world’s biggest economy.

Macieira-Kaufmann spent 12 years at Citigroup, most recently as head of Citigroup’s International Personal Bank in the U.S., the firm’s offshore wealth management arm.

Revolut, valued at $5.5 billion, has primarily had success in Europe, where most of its 13-million-plus users live. The start-up launched in the U.S. in March and began gaining customers after offering an unusually high interest rate. More recently, the firm was planning on applying for a banking charter in California, people with knowledge of the matter said in October.

“The U.S. still has many communities under-served by the banking industry, including the many people who come to this country and find it incredibly difficult to open a bank account,” Macieira-Kaufmann said in a statement. “This is an issue that is close to my heart so I am delighted to join the Revolut U.S. board.”

At Citigroup, Macieira-Kaufmann was a regional president overseeing operations in California and Nevada. Then in 2013, she was promoted to CEO of Banamex USA, a subsidiary of Mexico’s second largest bank that Citigroup acquired in 2001.

She took over at Banamex USA after American regulators had ordered the business to improve anti-money laundering controls, resulting in the ouster of her predecessor. But Citigroup ultimately shut the business down and paid almost $240 million in fines after regulators said the unit failed to correct its weaknesses.