Citi announces Fincen's Gacki as global head of sanctions

Published July 31, 2026 3:00 PM

Updated July 31, 2026 3:01 PM

1 Min Read

In this week's banking news roundup:

Director of the Treasury Department's Financial Crimes Encorcement Network Andrea Gacki is joining Citi as global head of sanctions.
BBVA has promoted Gonzalo Rodríguez to chief financial officer.
HDFC Bank penalized three senior officials for their role in a controversial deposit arrangement, and more.

Gacki appointed global head of sanctions at Citi

Andrea Gacki, the director of the Financial Crimes Enforcement Network, is joining Citi as global head of sanctions.

Prior to her work with Fincen, Gacki led the Treasury's Office of Foreign Assets Control, overseeing the implementation and enforcement of U.S. economic sanctions. She also served as acting under secretary of the Treasury for Terrorism and Financial Intelligence in 2021. Earlier in her career, she served in the Justice Department, where she litigated a broad range of matters involving national security. She also served as a senior member of the Justice Department's terrorist designation team.

"Andrea's deep geopolitical experience coupled with her national security and policy expertise will benefit Citi as we support our clients and businesses across the globe in navigating the increasingly complex sanctions landscape," Chief Compliance Officer Tom Anderson shared in a message to colleagues.

Gacki will report to Anderson and begin her new role on Oct. 1. —Traci Parks

BBVA promotes Rodriguez to CFO as part of management reshuffle

BBVA promoted Gonzalo Rodríguez to chief financial officer as part of a management shuffle coming less than a year after a failed takeover attempt of a Spanish rival. Rodríguez will replace Luisa Gómez Bravo, who held the role for three years and is ending her executive tenure with the company, the bank said in a statement Wednesday. Rodríguez was head of retail banking at BBVA in Spain.

The bank has also appointed Roberto Albaladejo as global head of strategy and M&A, and José Luis Elechiguerra as country manager in Mexico.

Banco Bilbao Vizcaya Argentaria, as the firm is officially called, ended its hostile attempt to buy domestic rival Banco Sabadell in October. The year-and-a-half long effort consumed management resources and caused friction with the government along the way.

BBVA's shares have continued to rise as investors welcomed greater clarity on the outlook. BBVA has a market capitalization of about €127 billion ($145 billion), making it one of Europe's largest banks. —Macarena Muñoz, Bloomberg News

HDFC Bank fines CEO, two top executives after internal probe

HDFC Bank penalized three senior officials, including Chief Executive Officer Sashidhar Jagdishan, fining them 100,000 Indian rupees ($1,042.9) each, for their role in a controversial deposit arrangement with a state-run firm.

An internal probe concluded that their conduct constituted business overreach while clearing them of any malicious intent, according to an exchange filing Monday. A special disciplinary panel of independent directors recommended the penalties and warning letters.

Apart from the CEO, the board of India's largest private-sector bank issued warning letters to Chief Financial Officer Srinivasan Vaidyanathan and Group Head of Retail Assets Arvind Vohra. Warning letters were also issued to other employees involved in the matter.

Earlier, local media reported that the lender paid about 450 million rupees ($4.7 million) to Maharashtra State Road Development Corp. through marketing spends as "differential interest." The bank denied the allegations. —Saikat Das, Bloomberg News

Advent to hire Morgan Stanley to sell its Tigre stake

Advent hired Morgan Stanley to explore a potential sale of its stake in Tigre, a Brazilian manufacturer of pipe and hydraulic systems, according to people familiar with the matter.

Discussions have just begun and Advent may eventually decide against moving forward with a deal, the people said, asking not to be identified discussing confidential details.

Advent announced in 2022 that it acquired a 25% stake in Grupo Tigre, which specializes in solutions for the construction industry and water management, for 1.35 billion reais ($270 million). The private equity firm provided financial and strategic support for Tigre's expansion in Brazil and international markets.

Morgan Stanley and Advent declined to comment.

Tigre was founded in 1941 by João Hansen Júnior, initially manufacturing combs, fans and accessories made from plastic, according to its website. Years later, the company introduced the production of the first PVC pipes and fittings in the country, earning the trust of consumers. Today, the company has more than 5,000 employees and 11 plants in Brazil and nine abroad. –Cristiane Lucchesi and Leda Alvim, Bloomberg News

HSBC to hire 100 AI specialists as bank sets up Singapore center

HSBC Holdings is set to hire more than 100 artificial intelligence specialists in Singapore with plans to launch a global AI center in the city-state later this year as the British lender steps up investments in the technology that's reshaping Wall Street workforces. The bank said in a statement Monday that the Singapore center will initially focus on introducing agentic treasury solutions and developing AI-enabled digital payments. The specialists will work alongside David Rice, HSBC's chief AI officer, and teams responsible for areas such as wealth management and global payment solutions.

The center aims to build a "pipeline of talent" across natural language processing, data science and AI governance, and will work with educational institutions and government bodies in Singapore, the bank said.

HSBC's deeper push into AI follows months after Bloomberg News reported that the firm is weighing extensive job cuts over the coming years as Chief Executive Officer Georges Elhedery bets on the technology to shrink its middle and back offices. —Denise Wee, Bloomberg News