Citigroup is stripping chief operating officer Anand Selva of his responsibility for data compliance after the bank was hit with $136 million in fines for its failure to address long-standing deficiencies in risk management and data governance.

Citi's new tech head Tim Ryan will co-lead its data efforts to appease regulators with COO Anand Selva. Here's what you need to know about the new status quo.

Citigroup is shifting responsibility for a key piece of its compliance work and around 800 employees from chief operating officer Anand Selva, after the bank was fined $136mn by regulators this summer for reporting failures.

Citigroup, one of the world’s largest financial institutions, is undergoing a significant restructuring of its compliance efforts in response to recent regulatory pressures. The bank is shifting responsibility for a crucial aspect of its compliance work,