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Citigroup instructs the BofA supervisor to adjust to the rules for institutional buyer teams

© Reuters. The Citigroup Inc logo can be seen at the SIBOS Banking and Finance Conference in Toronto

By Imani Moise

(Reuters) – Citigroup Inc (N 🙂 announced on Friday that an executive from Bank of America Corp (N 🙂 has been hired to conduct compliance for their Institutional Clients Group (ICG).

Jennifer Taylor will begin as Chief Compliance Officer for the ICG in December and will be based in the UK. This emerges from a memo signed by Mary McNiff, Chief Compliance Officer, and Paco Ybarra, Chief Executive Officer of ICG.

Taylor most recently served as Regional Head of Compliance and Operational Risk at Bank of America and also served as General Counsel for various business units in the Asia Pacific region.

"She has extensive product knowledge across the institutional space and a proven track record in promoting and embedding a compliance culture in a global franchise," the memo reads.

In her new role, Taylor will be responsible for designing and executing risk management functions across the ICG, which accounted for more than half of the revenue and two-thirds of the profits of the third largest US bank last year.

Regulators began a closer look at Citi's operations last month after the bank mislaid nearly $ 1 billion of its own funds due to a serious mistake.

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