Citi's new data-fixing MD quit for Deutsche Bank in moment of masochism
Eugene Gilerson likes a bit of punishment, it seems.
The risk technology and data management specialist who spent 18 years at Credit Suisse arrived at Citi last September during its big technology transformation. That challenging transformation followed Citi's large fine in 2021 for poor data governance. A year later, Gilerson has escaped Citi and is joining Deutsche Bank, which is also in a state of data pain.
Gilerson is now Deutsche's US chief data officer. Last July, the US Federal Reserve fined Deutsche Bank $186m over money laundering and control issues. The Fed said Deutsche had made little progress on the problems in the past decade, and had already been fined twice before over them.
Citi's 2021 fine was even larger. It was ordered to pay $400m by the Fed and the OCC, with the former attributing it to "several longstanding deficiencies" in its infrastructure. The data job is far from done at Citi despite Gilerson's departure; people were saying it has "the worst tech on the street" as recently as June.
It's not clear whether Gilerson left Citi because it was all too painful or because Deutsche Bank offered him a lot of money or both. Senior departures from Citi's technology and data team are becoming a trend, though. Sergio Varela, head of tech for its wealth management team, also left this month.
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