Citi named Anand Selva, the bank’s head of personal banking and wealth management, as its next chief operating officer, effective immediately, according to an internal memo seen Tuesday by The Wall Street Journal and American Banker.

Selva, a 32-year veteran of the bank, becomes the point person to lead Citi’s efforts to bolster its risk management, data governance and internal controls, in line with a consent order the Office of the Comptroller of Currency handed the bank in 2020.

Selva will take over the responsibility of shepherding what Citi calls its “transformation” from Karen Peetz, the bank’s chief administrative officer who plans to retire in May, according to the memo.

The move further raises Selva’s profile, positioning him as a potential successor to CEO Jane Fraser in case of an emergency. Selva has succeeded Fraser before — taking over as Citi’s global consumer banking chief in early 2021, as Fraser prepared to become the bank’s chief executive. 

In the memo, Fraser praised Selva for his "exceptional record as a highly disciplined operator who delivers results." Selva joined Citi in 1991 and steadily climbed to roles that included director of retail banking in India; head of consumer banking in Citi’s 17 Asia-Pacific markets; and CEO of Citi’s U.S. consumer bank.

This will mark Peetz’s second retirement. She joined Citi in June 2020 after leaving a role as BNY Mellon’s president in 2016.

It is unclear whether Citi will fill Peetz’s chief administrative officer role. A spokesperson for the bank told American Banker that Citi had “nothing to share” on that front.

In addition to his new duties, Selva will continue in his personal-banking and wealth-management role, the bank said.