Citi wants 200+ data professionals on up to $300k as it works through its issues
Citi is hiring people from JPMorgan for its investment banking team. It's also hiring people from everywhere for its data team.
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Speaking this week, Citi CFO Mark Mason said the bank already has a "review in place" after the regulator demanded that it examine the resources it's allocating to problems concerning its risk and compliance data.
In July, Citi was fined $136m by the Office of the Comptroller for its failure to implement an "enterprise-wide risk management and compliance risk management program, internal controls, or a data governance program commensurate with the bank’s size, complexity, and risk profile."
Mason said the regulator gave the bank feedback that it wasn't moving fast enough. Citi has since been looking both at how it captures "the right critical data elements at inception" and at the "quality and speed" of its data capture so that it can be used for regulatory reporting.
As it works to resolve the issues, Mason said the bank has put together the "resource review plan" the regulator asked for. It's looking at the "incremental resource support," needed to get some of the initiatives back on schedule.
As Citi works through its data issues, it needs to do some hiring. The bank is currently advertising over 200 data-specific roles globally. Many are based in low-cost locations. Some are not, however.
The data vacancies currently open at Citi include a capital risk analytics senior analyst in New York (for a salary of $176k to $265k) and a New York-based director of trading book risk data transformation (for a salary of up to $300k). The bank is also looking for a head of data architecture, based in Belfast, for an unspecified salary.
Not all the 200 roles are related to Citi's data transformation efforts. Some may be filled internally.
Mason said in July that Citi is spending over $250m on the transformation and that the task was incredibly complex. One single report - the 2052a liquidity report, had 750,000 lines of data, said Mason, adding that the bank was prioritizing the reports relevant to regulators.
Citi is also battling a court case being brought by Kathleen Martin, a former JPMorgan and Morgan Stanley MD who was the bank's interim data transformation chair before being fired in September 2023. Martin says she was asked to conceal the sorry state of Citi's data by Citi COO Anand Selvakesari. Citi denies this and claims Martin was dogmatic and inexperienced.
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