Citigroup strips COO of responsibility of some work after $136M fine, FT says

Citigroup is shifting responsibility for part of its compliance work and around 800 employees from Chief Operating Officer Anand Selva after the bank was fined $136M by regulators for reporting failures, Stephen Gandel of The Financial Times reports. Chief Technology Officer Timy Ryan will head the data overhaul to satisfy regulators that its compliance systems are up to date, four people familiar with the change told the Times.