State-owned First Citizens has lost six senior officers in the past year, leaving the financial institution in what a whistleblower report describes as a “precarious position.”
The report attributes the situation to the board of directors’ alleged conduct and claims that the resulting vacancies have failed to attract external candidates, while qualified internal employees have not been promoted to fill the gaps.
The allegations are contained in a seven-page whistleblower report submitted to the bank’s board of directors in August 2026 under the institution’s Whistleblower Policy #284.
The Sunday Guardian obtained a copy of the report.
But board chairman Shankar Bidaisee yesterday said the bank hopes to fill the vacancies soon.
According to the document, a protected disclosure submitted to the board in March identified specific governance failures, warned that they were worsening, and recommended six corrective actions. However, the report alleges that no meaningful accountability measures have followed since then.
Five months later, the latest report states that the institution is “materially weaker” than it was in March and that conditions have deteriorated beyond what the earlier disclosure anticipated.
“Three of the group’s most senior officers, including its CEO, have since left,” the report stated.
First Citizens, a publicly traded company that is 60 per cent owned by the State, has seen a string of senior departures over the past year. Chief Risk Officer Gerard...
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