Jane Fraser, the new head of Citigroup's U.S. consumer and commercial unit, has promoted William Howle to run its U.S. retail bank.

It's a savvy move by Fraser, who is replacing the retiring Cecilia "Cece" Stewart. Howle, who has been running Citi's U.S. commercial bank, is a longtime Stewart lieutenant. He worked for her at Wachovia and Morgan Stanley, and followed her to Citi in early 2011, when she took over the third-largest bank's consumer and commercial operations.

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