By Paul O’Donoghue, Senior Correspondent
Citigroup chief operating officer Anand Selva will share responsibility for a key part of the company’s compliance operation.
Mr Selva will no longer be the sole head the data overhaul team working to satisfy regulators that Citigroup’s compliance systems are up to scratch, the Financial Times reported.
Mr Selva’s responsibilities will now be shared with Tim Ryan, Citi’s chief technology officer.
The bank’s data programme, which involves overseeing 800 employees, will now be led jointly by the two executives.
Reuters said a memo from Citi stated: “We’ve been clear about our need to accelerate our progress in this (data) area and, consequently, we’ve committed to dedicating additional resources to it,”
In July, Citi was hit with a $136 million fine for inaccurately reporting the details of tens of billions of dollars of loans to regulators.
The move was the latest in a string of compliance fines the organisation has faced.
Mr Selva is also in charge of Citi’s wider transformation efforts, which include improving the group’s risk controls.
Citing a source close to the bank, the Financial Times said the shift was an acknowledgement that Mr Selva “had been stretched too thin”.
The same sources said that adding another executive to data programme would “speed up the overhaul”.
In 2020, Citi was hit with a $400 million penalty due to several risk management failures.
The company made “insufficient progress” towards fixing these data management issues.
Regulators had urged the bank to show it was putting enough resources towards those efforts.
Citi had agreed to a sweeping plan to fix its data faults in 2020, but a Fed exam last year found the bank had not made adequate progress.
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