Written by Tatiana Bautzer and Elisa Martinuzzi
NEW YORK/LONDON (Reuters) – Citigroup chief risk data, analytics, reporting and technology officer Peter Kay has left the bank, a Citigroup spokesman said on Wednesday, the latest major departure since the bank’s reorganization began in September.
Risk and data have been key issues for Citi in recent years following consent orders issued by the Federal Reserve and the Office of the Comptroller of the Currency to address long-term deficiencies in risk management, data management and internal controls.
Thousands of staff, including a large number of senior executives, have left the bank since the reorganization launched by chief executive Jane Fraser.
The departure of Kay, a managing director who joined Citigroup in 2019, was announced internally on Tuesday. An executive has not yet been named.
Kay, a former Barclays executive and Carnegie Mellon professor, has recently focused more on risk data analytics and reporting, said one of the people familiar with the matter. The person said responsibility for data processing was moved from his department to a new team in early 2023.
Kay did not respond to messages to his LinkedIn profile requesting comment. The bank declined to comment after confirming his departure.
Last week, regulators raised their level of concern about Citigroup’s resolution plan, classifying the so-called living will, which details how it would be resolved in the event of bankruptcy, as deficient.
Regulators said weaknesses in its data and controls contributed to inaccurate calculations of liquidity and capital needed to liquidate derivatives positions. They also requested independent confirmation by next year that these issues have been addressed.
Citi shares are up 19.7% so far this year, outperforming their peers. Goldman Sachs, JPMorgan Chase & Co and Bank of America Corp are up between 17% and 18.6%, while Morgan Stanley is up 4.9%.
