(Reuters) – Citigroup has tasked technology head Tim Ryan to work alongside Chief Operating Officer Anand Selva in fixing the bank’s longstanding data management issues, according to a memo seen by Reuters on Monday.
Ryan, who joined Citi in June from PwC’s U.S. franchise, will jointly lead the data program along with Selva, who will continue to steer the bank’s overall transformation, the memo said.
“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,” the memo said.
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, the memo said. Mehta will subsequently take on a new role.
In July, Citi was hit with a $136-million fine for making “insufficient progress” on fixing data management issues that were identified in 2020 and 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 was still had deficiencies and had not made adequate progress.
(Reporting by Arasu Kannagi Basil and Manya Saini in Bengaluru; Editing by Leroy Leo)