10:20 AM EDT, 09/16/2024 (MT Newswires) -- (Updates with Citi response in the fourth paragraph and latest stock movement in the last paragraph.)

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 Monday, it added.

"COO Anand Selva still remains in charge of the overall Transformation effort," a Citigroup ( C ) spokesman told MT Newswires, adding he has not been removed from the Data work. "He is now co-leading that piece of the Transformation with Tim Ryan, our Head of Technology and Business Enablement."

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 shares were up 1.5% in recent early Monday trading.

Price: 58.55, Change: +0.88, Percent Change: +1.53