download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In hopes of regaining compliance, CEO Jane Fraser bulked up a firm-wide initiative to overhaul the bank's technology. The head count for the so-called "Transformation" program has soared to 12,000 from some 3,000 since 2021, according to earnings reports. Citi's technology shortcomings are old news, according to Wells Fargo analyst Mike Mayo. Kathleen Martin, former interim data transformation chair, is suing the bank and Anand Selvakesari, the bank's chief operations officer who oversees Transformation.

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Persons: —, Jane Fraser bulked, Wells, Mike Mayo, Mayo, Fraser, We're, We've, Jane Fraser, SAUL LOEB, Janney Montgomery Scott, Timothy Coffey, Kathleen Martin, Anand Selvakesari, Martin, Selva, Hayley Cuccinello Organizations: Service, Citigroup, Citi, Business, Federal Reserve Board, Revlon, OCC, Citi —, Federal Reserve, Reuters Locations: Wells Fargo, United States, Selva, hcuccinello@businessinsider.com