Story inspired by #281: Speaking of CFOs, it’s worth discussing Citi’s current CFO, [REDACTED]. By all accounts, he is an incredibly bright, thoughtful and respected leader—distinct from the more noxious personalities that occupy Citi’s C-Suite. He is also notable as one of the few Black executives at this level in the industry, which makes his…
Barron’s ran a big profile on Jane Fraser and Citi’s turnaround this week. It’s a good read — if you’re an investor. For those of us who have watched this story from the inside, we know better. The article notes that a wave of executives has departed. That a law firm was hired to investigate…
2/2 My wife says my post is mildly offensive and asked me to correct. “My wife is a pediatric dentist of Korean descent…” Apologies.
1/2 I work in finance, which loves to believe it’s hyper-rational and merit-based. My wife’s a Korean pediatric dentist – excellent at what she does – but she still deals with patients second-guessing her, assuming she’s not the doctor, or making the usual awkward comments about where she’s “really” from. It’s rarely dramatic, just constant…
I cover Citigroup at an affiliate news agency in the UK focused on financial services. The Financial Times published an article today on [REDACTED] that raises two notable issues: questions about the rigor of Citi’s due diligence process and whether the firm should have been aware of prior workplace concerns surrounding his departure from JPMorgan….
I’ve spent more than twenty years on Wall Street, and what surprises me is not that inequities exist, but how persistent and deeply embedded they remain. For all the progress that’s been discussed—and occasionally celebrated—the day-to-day reality tells a different story. The industry still operates, in many ways, as a closed circle, where informal networks…
A Managing Director (generally considered to be well disposed toward the person in question) has asked whether the Head of Enterprise Risk and Balance Sheet Management at Citi’s USCC was the right person for the job. It is a fair question. Some months earlier, she had been introduced by the then Head of ERM as…
Re: Story 273 and 274. And we’ve now gone full circle. Of the 4 people that preceded the current Head of EDO, 3 were men and still employed at Citi. The one female was fired for allegedly refusing to lie to regulators. Oh f*ck … That looks a lot like retaliation doubled with discrimination in…
Dear Story 273,You make excellent points about the churn in Citi’s Enterprise Data office. The dysfunction there runs long and deep. The firm was sued by a senior hire brought in from JPMorgan in 2021 to run governance for the program—I knew her, and she was both capable and effective. According to her lawsuit, she…
In October 2024, one month into his role as Head of Enterprise Data Office and Data Transformation at Citi, [REDACTED] declared in a town hall that he would close out the data consent order in 12 months. To understand the weight of that 12-month promise, one has to look at the four years of wreckage…