Top Citigroup Compliance Official to Step Down, Sources Say

By Christina Rexrode 

Citigroup Inc.'s chief compliance officer, John Davidson, is stepping down after three years in the role and about eight years at the firm.

Mr. Davidson told his team on Wednesday, according to people familiar with the matter. Citigroup Chief Executive Michael Corbat sent a memo to employees praising Mr. Davidson for helping steer the bank through the financial crisis and standardizing risk programs across business units and regions.

Mr. Corbat described Mr. Davidson's departure as a retirement and said Mr. Davidson would stay on until the bank named a replacement. A Citigroup spokeswoman confirmed the contents of the memo.

Compliance is an increasingly difficult and important job in the banking industry, which is under increasing regulatory scrutiny. Compliance can cover an array of tasks, from making sure mortgage lenders properly log customers' income to monitoring chat rooms used by traders.

Mr. Davidson joined Citigroup in 2008 as chief administrative officer for risk management after stints at exchange operator CME Group Inc. and Morgan Stanley. His former boss Brian Leach, who was Citigroup's top risk officer, retired last year. Mr. Davidson, who wasn't immediately available to comment, became chief compliance officer about three years ago.

--Rachel Witkowski and Emily Glazer contributed to this article.

Write to Christina Rexrode at [e-mail]

(END) Dow Jones Newswires

October 19, 2016 17:10 ET (21:10 GMT)

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