NEW YORK/LONDON (Reuters) -Citigroup’s head of risk data, analytics, reporting, and tech Peter Cai has left the bank, a spokesman said on Wednesday, the latest senior departure since its reorganization began in September.
Risk and data have been key issues for Citi in recent years following consent orders by the Federal Reserve and Office of the Comptroller of the Currency to address long-term deficiencies in risk management, data governance and internal controls.
Thousands of employees, including a large number of senior executives, have left the bank since the reorganization launched by CEO Jane Fraser.
The departure of Cai, a managing director who joined Citigroup in 2019, was announced internally on Tuesday. An executive has yet to be named.
Cai, a former Barclays executive and Carnegie Mellon professor, recently focused more on risk data analytics and reporting, said one source with knowledge of the matter. Responsibility for data remediation shifted in early 2023 from his division to a new team, the source noted.
Cai did not respond to messages to his Linkedin profile requesting comment. The bank declined to comment beyond confirming his departure.
Last week, regulators raised their level of concern with Citigroup’s resolution plan, classifying its so-called living will, which details how it would be unwound in a bankruptcy, as deficient.
Regulators said weaknesses in its data and controls contributed to inaccurate calculations of the liquidity and capital needed to unwind derivatives positions. They also asked for independent confirmation by next year that the issues are addressed.
Citi’s stock (NYSE: C) has risen 19.7% so far this year, outperforming peers. Shares of Goldman Sachs (NYSE: GS), JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) climbed between 17% and 18.6% while Morgan Stanley shares (NYSE: MS) advanced 4.9%.
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