Tech leader from Citi's department will delegate data oversight to the company's COO, as per internal memo
Citi Announces Major Data Program Overhaul and Trust Services Sale
In a significant move towards digital transformation, Anand Selva, the Chief Operating Officer (COO) at Citi, and Tim Ryan, the head of technology and business enablement, are leading the charge to integrate advanced data management systems at the financial institution.
Selva, who remains the head of the overall transformation effort at Citi, will co-lead the bank's data program alongside Ryan. The duo aims to optimize operations, improve data quality, and enable better decision-making by leveraging technology tools such as AI and machine learning.
Tim Ryan's specific role within Citi's data program is not yet clearly defined, but his background in leveraging technology for data management and analytics at PricewaterhouseCoopers suggests he will play a crucial role in this initiative.
Ashutosh Nawani, who previously held a senior role at Mastercard, will join Ryan's team as the head of enterprise data office and data transformation. Nawani's role will be instrumental in driving this transformation effort, which has been a top priority for Citi since 2020, following consent orders from the Federal Reserve and the Office of the Comptroller of the Currency.
In another significant development, Citi has announced the sale of its trust services unit, Citi Trust, to JTC for $80 million. This sale bolsters JTC's global presence, particularly in private client services. However, it's important to note that this sale does not affect Citi's provision of services in investment management, wealth planning, lending, and banking.
JTC will offer trustee and fiduciary services, complementing Citi's existing offerings. Ida Liu, head of Citi private bank, stated that this decision allows Citi to focus resources on areas that will create impact for global clients and drive growth for the wealth business.
Citi's focus on digital transformation is evident in its substantial investments. Last year, the bank spent approximately $12.2 billion on technology, with more than half of that amount used for modernizing capabilities.
The transformation of Citi is not a linear process. During the first-quarter earnings call, Citi's CEO, Jane Fraser, mentioned intensifying efforts in areas such as automating regulatory processes and data related to regulatory reporting.
In a separate announcement, it was revealed that Zdenek Turek, Citi's chief risk officer, will appoint a leader from within the organization to take over Nawani's role on an interim basis.
Despite these changes, Citi has faced regulatory scrutiny. The bank was recently fined $135.6 million by the Fed and OCC for failing to resolve 2020 consent orders.
As part of its ongoing transformation, Citi has also announced job cuts. The bank concluded its major reorganization actions, letting go of 7,000 employees, with 20,000 job cuts expected by 2026.
This news marks a significant shift for Citi, as it continues to navigate the complex world of financial services and technology. With Selva, Ryan, and Nawani at the helm, the bank is poised to embrace digital transformation and maintain its competitive edge.
Citi, under the leadership of Tim Ryan and Anand Selva, is leveraging technology tools like AI and machine learning to optimize data operations and improve decision-making within its business. In a strategic move, the bank is selling its trust services unit to JTC for $80 million, allowing it to concentrate resources on business areas that will drive growth in the wealth sector.
