UPDATE: May 12, 2022: Citi has named Tom Anderson as its new chief compliance officer, according to an internal memo seen Wednesday by The Wall Street Journal.
Anderson, now the compliance chief for Citi’s personal banking and wealth management division, is set to take over the role June 1, Citi’s general counsel, Brent McIntosh, wrote in the memo.
Anderson spent 20 years at Citi, starting in 1988, and held various roles in the bank’s commercial-banking unit, its cards segment and in audit and risk review, according to his LinkedIn profile. He left in 2008 to become CEO of global banking at American Express, then served for nearly eight years as JPMorgan Chase’s chief compliance officer for consumer and community banking. Anderson rejoined Citi in June 2021, according to LinkedIn.
- Citi’s chief compliance officer, Mary McNiff, will step down from her post this year and move to another position within the company, CEO Jane Fraser told employees Friday in a memo seen by Reuters and American Banker.
- The bank's chief auditor, Jessica Roos, also will take another role at Citi — as chief of a new business services office, Reuters reported, citing the memo.
- Citi did not detail what McNiff’s new role will be. However, the bank's next chief compliance officer won't serve on the executive management team, American Banker reported.
The leadership shuffle appears to be structural. Under a consent order the Federal Reserve handed Citi in October 2020, the bank’s general counsel must oversee compliance, a Citi spokesperson told American Banker on Monday.
McNiff, who has served as chief compliance officer since June 2020, had reported directly to Fraser. She will report to General Counsel Brent McIntosh until she leaves that position, according to Friday's memo.
Before taking the compliance role, McNiff had led Citi's consumer-banking division for a year and served as the bank's chief auditor, according to her company profile.
Roos succeeded McNiff as chief auditor, taking the role in Aprl 2019, according to LinkedIn and Bloomberg. Roos' successor, in turn, will be Nadir Darrah, who most recently served as chief auditor of data and transformation for Citi's consumer-banking division, according to his company profile.
Shortly after McNiff became chief compliance officer, the Office of the Comptroller of the Currency (OCC) fined Citi $400 million over “deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls.”
The Fed's consent order came the same day, demanding the bank make key changes to its management reporting structure to better ensure the autonomy of its compliance department.
The bank said it was spending $1 billion in 2020 to improve its risk management frameworks and controls, a figure that appears to have escalated. At the bank's industry day last week, Citi said it aims to double its regulatory spending to $3.5 billion in 2022.