Citi Announces Leadership Changes in Accounting and Banking Roles
Citi's Head of Financial Accounting Leaves Position
In a series of leadership changes, Citi has announced several key appointments and departures within its accounting and banking divisions.
Johnbull Okpara, the Chief Accounting Officer (CAO) and Controller at Citi, is leaving his post. He joined Citi in November 2020, having previously served as global head of financial planning and analysis and CFO of infrastructure at Morgan Stanley. Johnbull will stay at Citi to drive the third quarter earnings process and then will advise as needed through the filing of the 10-Q.
Robert Walsh will become the interim Chief Accounting Officer at Citi, effective immediately. Walsh has served as controller for Citi's services business since November 2023. In his interim role, he will oversee accounting policy, SEC and financial reporting, valuation control, regulatory and capital reporting, and controller systems and data operations teams.
Patrick Scally, who was the head of global product control before becoming the markets controller, will take on an expanded role as the interim Controller at Citi. In his new position, Scally will oversee the business and functions controller teams, as well as the CAO team.
Titi Cole, Citi's head of legacy franchises, and Mike Whitaker, the bank's head of operations and technology, have both left the bank earlier this year. Cole disclosed her plans to leave the bank in June and has since joined a nonprofit focused on women and healthcare. Whitaker's departure was not disclosed, but he left less than two months after the company "concluded the major actions" of its reorganization, having let go of 7,000 employees by the end of March.
Cole's legacy franchises are now under the latter half of Tim Ryan's title, who was hired by Citi as head of technology and business enablement. The bank has also hired Viswas Raghavan from JPMorgan Chase to lead banking and oversee Citi's investment, corporate and commercial banking businesses.
Tyler Dickson, a former contender to lead Citi's banking unit, joined Blackstone as global head of client relations for its credit and insurance unit in July. Don Plaus, the head of North America for Citi's private bank, has also left the bank after four months, citing personal reasons.
It is worth noting that Johnbull Okpara's successor as CAO and Controller at Citi was Irving Maldonado. Prior to becoming CAO and Controller, Maldonado served as the Managing Director and Controller for Citi’s Global Consumer Banking division.
The lender has estimated it will cut 20,000 jobs by 2026, a continuation of the earlier job cuts that took place by the end of March.
These changes come as Citi continues to navigate the challenges of the global economy and adapt to the evolving needs of its customers and stakeholders.
Finance plays a crucial role in the leadership changes at Citi, with Johnbull Okpara leaving his position as Chief Accounting Officer after driving the third quarter earnings process. Robert Walsh, who has served as controller for Citi's services business, will now become the interim Chief Accounting Officer, overseeing accounting policy and regulatory reporting.
