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The Financial Times is reporting today that Citi’s former head of the family office previously served as Jeffrey Epstein’s personal banker – a detail one might reasonably expect any competent organisation to identify during the most elementary due-diligence checks. The article drily observes, it “begs the question of what Citi’s process actually involves.”
This on the heels of Citi’s earlier appointment of a senior executive from Merrill Lynch to run the Private Bank who only lasted four months – another instance in which vetting appeared, shall we say, perfunctory.
It does rather make one wonder who is in charge of HR, though in any event, Citi’s due diligence is an absolute shambles.