MOVES-Citigroup's administrative chief Karen Peetz to retire -memo
(Adds details, background)
By Saeed Azhar
NEW YORK, March 21 (Reuters) - Karen Peetz, a senior executive overseeing Citigroup Inc's transformation efforts to tackle regulatory consent orders, is retiring, a memo seen by Reuters said.
Peetz, who is the chief administrative officer, will stay until May to help newly appointed Chief Operating Officer Anand Selvakesari in his role, the memo said.
Selvakesari will run the bank's transformation program, "leading our work to strengthen the quality and timeliness of our data across the bank, and continuing to lead personal banking and wealth management," according to the memo.
Citigroup last year submitted a comprehensive multiyear plan to the Federal Reserve and the Office of the Comptroller of the Currency outlining steps to fix weaknesses in its risk management and internal controls, Reuters reported at the time, citing two sources familiar with the situation.
Peetz, a former BNY Mellon executive, was in charge of Citigroup's regulatory remediation plans, the memo said.
The bank has long struggled to keep pace with peers on profitability and valuations. Citigroup Chief Executive Jane Fraser, who took the top post in 2021, is winding down its business in Russia and is reducing consumer operations in other countries to focus on multinational companies and the wealthy. (Reporting by Saeed Azhar; editing by Jonathan Oatis)
