Citigroup has announced a major leadership change to address persistent data quality issues that have led to significant fines from regulators. According to an internal memo, Tim Ryan, the head of technology and business enablement, will now oversee the bank’s data efforts alongside Chief Operating Officer Anand Selva. Ryan, who joined Citi in June from PricewaterhouseCoopers, will take direct management of the 800-employee data team.
The memo, signed by Ryan and Selva, stated, “Over the last few months, we’ve been clear that our Data efforts have expanded significantly from our original plan as we’ve progressed the work. We’ve also been clear about our need to accelerate our progress in this area and, consequently, we’ve committed to dedicating additional resources to it.”
Citi has invested heavily in a firmwide initiative called “Transformation” to satisfy regulators. The program’s head count has increased from around 3,000 to 12,000 since its inception in 2021, with the bank spending at least $7.4 billion on the initiative from 2021 through 2023.
As part of the leadership changes, Ashutosh Nawani, previously leading enterprise risk management, will be appointed to run Citi’s Chief Data Office, reporting to Ryan.
Citi tackles data quality issues
The current Chief Data Officer, Japan Mehta, will transition to a new, unspecified role in the coming months.
Selva, a veteran at Citi since 1991, has held various leadership roles and was appointed COO in March 2023. Despite Ryan’s new role, Selva will continue to oversee the Transformation program and the bank’s controls and operations. These changes come amid continued scrutiny and legal challenges for Citi.
In May, Selva and the bank were sued by a former Transformation executive, Kathleen Martin, who alleged she was pressured to withhold information from regulators. Citi has denied the accusations and filed a counterclaim stating Martin was fired for underperformance. The leadership shakeup is aimed at rectifying longstanding data management issues and meeting regulatory expectations more efficiently, as Citi strives to address the problems that led to the $136 million fine earlier this year.
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