Citigroup will set up a global regulatory affairs team in Washington as Wall Street readies itself for the possibility of an overhaul of financial regulations under President Trump's administration.

Donald Trump has ordered a sweeping review of the Dodd-Frank Act with the intention of scaling back the most wide-reaching financial regulatory system since the reform that followed the Great Depression.

Citigroup's new unit, which will work alongside the bank's lobbyists, will be headed by Kevin Bailey, a former official at the Office of the Comptroller of the Currency. The bank also promoted Julie Bell Lindsay to be his deputy. Citigroup has confirmed both appointments to our sister publication, Family Wealth Report.

Trump's move to curtail the Dodd-Frank Act falls in line with his administration's approach to financial markets, which favors strongly deregulation and emphasizes opening up investor options. While many banks have called for some revisions of the act, the prospect of a major shake-up has rattled some firms, especially those that have spent tens of millions of dollars to comply with the legislation.

Citigroup is following in the footsteps of its rivals JP Morgan and Goldman Sachs, both of which have groups dedicated to monitoring and shaping financial regulations.