BUSINESS-ECONOMY
The bank answered a May lawsuit from Kathleen Martin, a former managing director Citi hired in 2021 to help sort through data problems. Martin said in the suit that her supervisor, Chief Operating Officer Anand Selva, asked her to conceal "critical information" about the bank's data-governance metrics from the Office of the Comptroller of the Currency. Citigroup has claimed that performance was the reason for the termination of a former managing director who is suing the bank, rather than attempts by the bank to pass false information to regulators. The bank answered a May lawsuit from Kathleen Martin, a former managing director Citi hired in 2021 to help sort through data problems. Martin said in the suit that her supervisor, Chief Operating Officer Anand Selva, asked her to conceal "critical information" about the bank's data-governance metrics from the Office of the Comptroller of the Currency. The lawsuit alleges that Selva wanted to conceal the information because it would make the bank "look bad" and said Martin was fired on Sept. 25, 2023, in retaliation for her complaints. The data governance work was tied to a 2020 OCC consent order, the lawsuit said. Documents filed by Citi indicate that Martin became interim data transformation chair after taking on the role of her former supervisor and mentor, Rob Casper when he left the bank. It said performance issues related to Martin had already been handled by the bank since May 2023, much before the events that Martin alleges were the reason for her firing. The bank also claimed that only weeks after receiving her mid-year review in July 2023, Martin reached out to human resources to say she felt her position was at risk. According to the filing, Citigroup said that the director "did not take on the feedback she was provided", and the bank replaced her in the data transformation chair role. Martin was one of the members of a Citi staff that has been working on fulfilling the 2020 consent orders from the OCC and the Federal Reserve to rectify deficiencies in its risk management, data governance, and internal controls. The bank was fined $136 million by the OCC last month for the lack of progress made. Martin's attorney, Valdi Licul of Wigdor LLP, said he is pleased with the bank's response, indicating that the case had legal merit following an earlier move by the bank to dismiss the case. Licul said he would seek to take depositions of Citigroup senior management, including Chief Executive Officer Jane Fraser. "We look forward to conducting the depositions of Ms. Fraser and Mr. Selva to show that they fired Ms. Martin only because she complained about illegal activity," the lawyer added. Citigroup declined to comment beyond its filing. None
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