Citi's Financial Strategy Overhaul Following $136 Million Fine on Wall Street
Citi's Response to Wall Street's $136 Million Fine
After incurring a $136 million penalty for failing to swiftly address data quality deficiencies, Citi is implementing pivotal changes in its leadership structure. Almost four years ago, the bank received a $400 million fine for inadequate data management practices.
New Leadership Appointments
According to an internal memo seen by Business Insider, Tim Ryan, who currently leads technology and business enablement, will now oversee the bank’s data quality initiative. He will collaborate closely with Anand Selva, Citi's chief operating officer, in this crucial effort.
Strategic Data Overhaul
This new direction involves directly managing the bank's data team, which comprises around 800 employees. The goal is to strengthen compliance and data integrity, ultimately aiming for robust risk management practices going forward.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.