Citigroup hires Bank of America executive to run institutional clients group compliance

[NEW YORK] Citigroup said on Friday it had hired a Bank of America Corp executive to run compliance for its Institutional Clients Group (ICG).

Jennifer Taylor will start as chief compliance officer for the ICG in December and will be based in the UK, according to a memo signed by chief compliance officer Mary McNiff and ICG chief executive officer Paco Ybarra.

Ms Taylor was most recently a regional head of compliance and operational risk at Bank of America and has also served as general counsel for different business lines across the Asia-Pacific region.

"She has deep product knowledge across the institutional space and a proven track record in driving and embedding a compliance culture across a global franchise," the memo said.

In her new role, Ms Taylor will be responsible for designing and executing risk management functions across the ICG, which accounted for more than half of revenue and two-thirds of profit for the third-largest US bank last year.

Regulators began giving Citi's operations a closer look last month after a high profile error caused the bank to misplace nearly US$1 billion of its own funds.

REUTERS