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Carl Rutstein

Partner, Americas, AT Kearney


Carl Rutstein is a partner with A.T. Kearney in the Financial Institutions Practice. With extensive experience in financial services and consulting, he is an expert in credit cards, payment network economics, retail banking product development, retail banking channel management, and merchant acquiring and processing. His focus is on banking and payments. Carl is based in A.T. Kearney’s Chicago office. 

Notable client engagements include:

  • Credit card portfolio renegotiations and card portfolio acquisitions for top-10 banks
  • Merchant acquiring strategy and joint venture creation for several leading banks
  • Programs to help large banks grow their demand deposit account customers and balances and card receivables
  • Co-branded airline credit card programs for two major banks
  • Redesign of checking account products to recapture lost revenue and encourage cross-selling for a top-five bank
  • Strategy projects for leading players across the payments value chain
  • New core banking system and redesign of checking account products for a leading bank
  • Payment and card strategy for several large US banks
  • Cross-selling and digital strategies for a large card issuer
  • Emerging payments projects for large payment companies and top 20 banks

Carl has authored numerous articles on the global payments industry and is an active speaker at influential industry conferences and symposiums. He is also a passionate member of the Chicago business community, serving as a member and committee chairman of the Economic Club of Chicago, and serving on the Board of Trustees of the Kohl Children’s Museum of Greater Chicago for more than a decade.

Before joining A.T. Kearney, Carl was president of The Kessler Group and a senior partner and managing director for The Boston Consulting Group. He also worked in investment banking at Salomon Brothers and served as an advisor to CEOs at several banks and payment companies. He was the first CEO of online travel company Orbitz. Carl earned his bachelor’s degree in economics from the University of Pennsylvania Wharton School and his MBA in analytical finance from the University of Chicago.