Citi's new tech head Tim Ryan will co-lead its data efforts to appease regulators with COO Anand Selva. Here's what you need to know about the new status quo.

Citigroup has tasked technology head Tim Ryan to work alongside Chief Operating Officer Anand Selva in fixing the bank's longstanding data management issues, according to a memo seen by Reuters on Monday.

Citigroup is shifting responsibility for a key piece of its compliance work and around 800 employees from chief operating officer Anand Selva, after the bank was fined $136mn by regulators this summer for reporting failures.

Citigroup, one of the world’s largest financial institutions, is undergoing a significant restructuring of its compliance efforts in response to recent regulatory pressures. The bank is shifting responsibility for a crucial aspect of its compliance work,

Tim Ryan, who joined the megabank in June, will work with COO Anand Selva to oversee enhancements to Citigroup's data integrity systems, according to a memo.

Citigroup is stripping chief operating officer Anand Selva of his responsibility for data compliance after the bank was hit with $136 million in fines for its failure to address long-standing deficiencies in risk management and data governance.