Early beginnings

Beginning his business career as a management trainee with Nestlé in 1981,^[23] Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined PepsiCo and was involved in the launch of its international fast food franchises, including Pizza Hut and KFC,^[17] in India as the economy liberalized.^[24]

Citigroup, 1996–2009

In 1996, Banga joined Citigroup, where he briefly served as a debt collector as part of his training.^[23] He headed up CitiFinancial and the US Consumer Assets Division from 2000 to 2002^[25] From 2005 to 2008 he was chief executive of Citi's International Global Consumer Group, which included all credit card and consumer banking operations outside of North America.^[25] During that time, he spearheaded Citi's strategy in the microfinance sector across the world.^[5]

In 2008, Banga became chief executive of the bank's Asia-Pacific business, and splitting time between New York and Hong Kong.^[26] In this capacity, he led a major reorganization of Citigroup's Asian operations in 2008 that gave regional heads increased authority across the bank's product lines.^[27] Banga received about $10 million in compensation in 2008 from Citigroup, making him one of the firm's highest paid executives that year.^[27]

Mastercard, 2010–2021

Mastercard announced in April 2010 that Banga, previously its chief operating officer (COO), would become president and chief executive officer, effective July 1, 2010, and a member of the board of directors.^[20] Banga succeeded Robert W. Selander, who had been CEO since March 1997.^[5] In his first year, he received $13.5 million in compensation.^[23]

During his tenure, Banga tripled revenues, increased net income sixfold and grew market capitalization from under $30 billion to more than $300 billion.^[17] In 2020, he announced the creation of the Priceless Planet Coalition,^[28] a group of about 100 firms that make corporate investments to preserve the environment and launched Mastercard's pledge to plant 100 million trees.^[17]

Later career

In 2020 Banga was elected chairman of the International Chamber of Commerce (ICC) succeeding Paul Polman. He previously served as ICC's First Vice-Chair since June 2018.^[29]

On January 1, 2022, Banga assumed responsibilities at General Atlantic as vice chairman.^[6]

On the 24th of May, 2022, he was nominated non-executive chairman of Exor, the diversified holding company controlled by the Agnelli family, replacing John Elkann (who remained as CEO).^[30]He stepped down in May 2023, following his appointment to the World Bank.^[31]

Corporate boards

• Exor, member of the Board of Directors (2021-2023) and chairman (2022-2023)^[34][17]
• Temasek Holdings, member of the Board of Directors (2021-2023)^[35][17]
• BeyondNetZero, member of the Advisory Board (since 2021)^[36][37]
• Dow Chemical Company, member of the Board of Directors (2013–2021)^[38]

Non-profit organizations

• Partnership for Central America (PCA), chair (since 2022)^[9]
• International Chamber of Commerce (ICC), chair (since 2020)^[39]
• American Red Cross (ARC), member of the Board of Governors (since 2014)
• Economic Club of New York, vice chair of the Board^[40]
• Peterson Institute for International Economics, member of the Board of Directors^[41]
• Trilateral Commission, member
• American India Foundation, co-chair of the Board of Directors (2016–2019)^[42]
• New York Hall of Science, vice chair of the Board of Trustee
• National Urban League, member of the Board

Participation in the 2023 G20 New Delhi Summit

Ajay Banga, the President of the World Bank, participated in the 2023 G20 New Delhi summit. During the summit, he emphasized the need for a broader focus on issues such as food insecurity and Gender equality, alongside the World Bank's traditional focus on poverty eradication.^[50] He praised the New Delhi Declaration, stating that it was a "job well done by India" and expressed satisfaction with the sections of the declaration that discussed the reform of multilateral banks.^[51] Banga also spoke about the changing global challenges, including pandemics and climate change, and how they have impacted the World Bank's mission.^[52]