Citi Brings in NY Fed Vet to Navigate Regulatory Waters

Citi has hired Tricia Kissinger as its new managing director, bringing in her extensive experience from the New York Fed where she spent 26 years. Kissinger will be leading Citi's relationship with regulators, including the OCC, FRB, and FDIC, as head of prudential coverage and governance in the enterprise regulatory engagement team.

Kissinger's background is in supervising domestic and foreign banks, including large banking organizations, and she was involved in monitoring and risk identification. Her hiring comes at a crucial time for Citi, which has been working to address its consent order imposed by the Federal Reserve in 2020.

Citi CEO Jane Fraser said that 90% of work on the consent order is now done, but it remains in place. It's unclear what will take for the order to be lifted, but a good relationship with regulators could help. Kissinger's arrival at Citi is seen as a positive development, given her experience and expertise.