Citi Tasks Ex-PwC Exec With Overseeing Data Quality Improvement Team

Citigroup has added a new executive to help oversee improvements to its data quality management processes, which regulators have deemed insufficient, according to a report by Allissa Kline for American Banker.

This move follows the $136 million in civil penalties levied against Citi by the Federal Reserve Board and the Office of the Comptroller of the Currency about two months ago. I Photo: Spencer E Holtaway Flickr

Tim Ryan, who joined Citi in June as the head of technology and business enablement, will collaborate with Anand Selva, Citi's Chief Operating Officer (COO), to lead the data enhancement efforts.

According to an internal memo from Ryan and Selva, Ryan, a former senior partner at PricewaterhouseCoopers (PwC), will now have "direct management oversight" of the data team.

Selva will continue to oversee Citi's ongoing risk management and controls remediation projects, along with the firm's day-to-day operations and controls.

This move follows the $136 million in civil penalties levied against Citi by the Federal Reserve Board and the Office of the Comptroller of the Currency about two months ago.

Regulators criticized the bank for not making sufficient progress in addressing deficiencies in its risk management programs and for failing to meet key data integrity remediation milestones. Citi clarified that Ryan’s new role with the 800-employee data team is not related to the recent fines but had been planned for some time.