Citibank appoints new chief governance officer for ICG business 

The appointment comes as the US bank looks to bolster its internal controls after receiving a series of fines from global regulators over the past year.  

Citibank has appointed Silas Findley as its new chief governance officer for the institutional clients group (ICG), as the bank attempts to move on from several regulatory enforcement actions. 

According to an internal memo from Piyush Agrawal, chief operating officer (COO) of Citi, he replaces Christine Maye who has taken on a new responsibility in the chief administrative officer (CAO) Office. Findley will continue to be based in London and will report to Agrawal.  

“As the CBNA ICG chief governance officer, Silas will partner with Citibank Senior Officers and ICG management to prioritise and enhance the Bank’s control environment, and provide robust governance and oversight of ICG activities through participation in key CBNA management committees,” said Agrawal in the memo. 

Findley takes on the new role following 13 years with the US bank, most recently serving as global head of new product approval and EMEA head of strategy and business development for global spread products (GSP).

In this role, he was responsible for the oversight and approval of new product greenlights in order to expedite impactful opportunities, managed projects for the business including MiFID II and Brexit, and led GSP’s engagement in EMEA with external trading platforms, market infrastructures and trade organisations.  

He also served over three years as EMEA head of futures, clearing and collateral, and over a year as EMEA head of OTC clearing. 

The appointment comes as the US bank looks to bolster its internal controls after receiving a series of penalties from global regulators over the past year.  

In October, Citi was slapped with a $400 million fine for failing to correct “longstanding deficiencies” in its risk and control systems, and was ordered to upgrade its processes and technology.  

The bank was also fined $4.5 million in September by the US Commodity Futures Trading Commission (CFTC) after a known system design flaw saw millions of trader audio files deleted, despite some of those files being subpoenaed by the US derivatives watchdog, and in November last year, Citi was fined £44 million by the Bank of England for submitting incomplete and inaccurate regulatory information between 2014 and 2018.