Citi's new MD spent 26 years at the New York Fed and will be helping it with regulatory issues
As we observed a few week ago, Citi has been making cuts to some of its data teams, some of which were staffed up to work on the consent order imposed upon it by the Board of Governors of the Federal Reserve in 2020. Citi CEO Jane Fraser said in April that 90% of work on this consent order is now done, and then said in July that Citi was operating at its "target state." But the order is still in place.
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It's not clear what it will take for the order to be lifted, but a good relationship with the regulator will surely help. It's a good thing, then, that Citi has just hired Tricia Kissinger, who worked at the New York Fed from 2000 until June 2026. Kissinger has just arrived at Citi as a managing director (MD).
Citi declined to comment on Kissinger's arrival, which is understood to have occurred in early July. Writing on Linkedin, Kissinger said she has joined the bank as 'head of prudential coverage and governance in the enterprise regulatory engagement team.' In this context, she will be "responsible for the holistic relationship with senior prudential supervisors at Citi’s US regulatory authorities (OCC, FRB, and FDIC)." The implication is that she will be helping with all aspects of Citi's relationships with regulators.
Kissinger seems like a really good person for this job. She was a director at the Federal Reserve Bank of New York, and she says she was in charge of the 'supervision of domestic and foreign banks in the New York district,' and the leader of the Federal Reserve’s national supervisory oversight of both 'large and foreign banking organizations.' It's not clear whether the organizations included Citi itself, but Kissinger says she was included in both 'monitoring and risk identification.'
Citi's consent order might be lifted soon. Speaking In July, Fraser said the timing of its disappearance was "fully at the discretion of our regulators." Fraser herself was appointed to the Federal Advisory Council for the New York Fed in March.
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