08:02 AM EDT, 09/16/2024 (MT Newswires) -- Citigroup ( C ) is removing chief operating officer Anand Selva from overseeing a key compliance data overhaul following a $136 million fine this summer for reporting failures, the Financial Times reported Monday, citing four people familiar with the matter.

The task will shift to chief technology officer Tim Ryan, who joined the bank in June, according to the report.

Selva will continue leading broader risk control efforts and back-office operations, the report said. An announcement on the changes is expected today, it added.

Citi was fined by the US regulators in July for inaccurately reporting details of loans and was asked to demonstrate it was putting sufficient resources toward those efforts, according to media reports.

Citi did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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