This comes after the bank agreed to a sweeping plan to fix its data faults in 2020
CITIGROUP has tasked technology head Tim Ryan to work alongside chief operating officer Anand Selva to fixing the bank’s longstanding data management issues, said a memo seen by Reuters on Monday (Sep 16).
Ryan, who joined Citi in June from PwC’s US franchise, will jointly lead the data programme along with Selva, who will continue to steer the bank’s overall transformation, the memo noted.
“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,” it added.
Citi has also tasked its head of enterprise risk management, Ashutosh Nawani, to join Ryan’s team in the newly created role of head of enterprise data office and data transformation.
The lender’s chief data officer Japan Mehta will also work closely with Selva and Ryan as Nawani transitions into his new role over the coming months. Mehta will subsequently take on a new role.
In July, Citi was hit with a fine of US$136 million for making “insufficient progress” on fixing data management issues that were identified in 2020. The bank was urged 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 US Federal Reserve exam last year found the bank still had deficiencies and had not made adequate progress. REUTERS
