Citigroup’s Global Head of Digital Assets Resigns for New Venture

Shobhit Maini, Citigroup's global head of digital assets, has stepped down from his position after over 14 years with the bank.

Maini is leaving to pursue new entrepreneurial opportunities within the digital asset sector.

Maini’s departure opens the door for Deepak Mehra, who leads markets strategic investments internationally, to assume responsibility for the digital assets division. This transition aligns with Citigroup’s ongoing commitment to blockchain technology and digital asset development.

During his tenure, Maini was instrumental in advancing Citigroup’s blockchain initiatives, including the tokenization of private equity funds. In February, the bank successfully conducted a blockchain trial in partnership with Wellington Management and WisdomTree, showcasing its potential to revolutionize traditional finance operations.

Citigroup also launched a service in September to convert customer deposits into tokens for international transactions, further reflecting its push into digital assets.

Despite these advancements, Citigroup has faced scrutiny over its anti-money laundering practices. A June report revealed allegations of drug traffickers using Citibank ATMs to launder money, raising concerns about the bank’s oversight. Citigroup maintains that it has robust measures in place to detect and report suspicious activity and cooperates fully with investigations.