Citi names internal candidate as its next chief compliance officer
Two months after Citigroup said that Mary McNiffe give up role New York Megabank has chosen his successor for a separate post of Chief Compliance Officer.
Tom Anderson, who is currently the compliance officer in charge of Citi’s personal banking and wealth management businesses, will take over as corporatewide chief compliance officer on June 1, a Citi spokesman confirmed Thursday. news was informed of First by The Wall Street Journal.
Anderson, who began his career at Citi as a management trainee in commercial lending, is the former CEO of American Express Global Banking. He spent seven years at JPMorgan Chase in various compliance risk management jobs before returning to Citi last year.
Citigroup has chosen a new chief compliance officer, Tom Anderson, as it grapples with the fallout of a pair of two-year-old consent orders with the Federal Reserve and the Office of the Comptroller of the Currency.
Brent Levine/Bloomberg
The change in chief compliance officers comes as the $2.4 trillion-asset bank seeks to improve problems with longstanding risk management and internal control systems.
For the past 18 months, the New York company has been attempting to address and fix a series of risks related to risk management.shortcomings“which were the subject of two consent orders issued in October 2020 by the Federal Reserve and the Office of the Comptroller of the Currency.
Some analysts have said that Citi is making at least some progress on regulatory compliance. Last month, the OCC freed the company from a 10-year-old consent order that, among other issues, blamed Citi for failing to implement an anti-money-laundering compliance program that included adequate internal controls and effective independent was the test.
A Citi spokesperson did not have Thursday to share details about McNiffe’s future role at the company or when his new job would begin. McNiff, who has appeared many times On American Banker’s Most Powerful Women Watch List, she was promoted to chief compliance officer in June 2020, nearly four months before the Fed and OCC released their enforcement action.
McNiff, one of 18 current members of Citi’s executive management team, is the company’s former chief auditor and one-time CEO of Citibank.
In March, Citigroup CEO Jane Fraser told employees that the next chief compliance officer would not be part of the company’s executive management group. That same month, a company spokesman said Citi’s General Counsel Brent McIntosh should oversee compliance under the terms of the Fed consent order.
A City spokesman said Thursday that Anderson would report to Macintosh.
