Citi hired an MD to fix its compliance "issues" as another MD returned to BofA
If you're a managing director in compliance with a specialism in regulatory reporting at major banks, then Citi probably wants to hear from you. The US bank is spending $260m on its data transformation issues, not including a $136m fine that was levied by the regulator in July for its failure to get to grips with the extent of its problem. As it redoubles its efforts, the bank is hiring.
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One of Citi's hires in the area has just arrived in the New York office from BNY Mellon. Scott Cronin spent six years at BNY leading the Sarbanes Oxley compliance team and the internal regulatory reporting function there. His title at Citi is simply managing director in "enterprise issues", which presumably refers to all the issues Citi has with its enterprise.
Citi declined to comment on Cronin's role, so it's not clear who he will be reporting to. The bank recently tweaked the responsibilities of its COO Anand Selvaskari so that Tim Ryan will now be head of data transformation and Ash Nawani will be head of enterprise data, while Selvaskari will be head of the data transformation program overall. Cronin could have one of these three bosses, or report directly to someone like Tom Anderson in compliance.
Many of Citi's data issues are thought to relate directly to regulatory reporting. CFO Mark Mason said in July that Citi has 11,000 total regulatory reports and that one report alone has 750,000 lines of data. Fortunately, only 30 of the 11,000 are directly relevant to U.S. regulators.
While new managing directors are arriving in Citi's compliance function, older managing directors are finding new roles. In London, Kathryn Woodfine, an MD who arrived from Bank of America in 2015 to work on anti-money laundering issues, has just returned to Bank of America after leaving Citi in early 2023. It's not clear why Woodfine left BofA, but Citi was spied cutting its chief compliance officer in London earlier this year.
Photo by Damon Lam on Unsplash
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