UNITED STATES NEWS

Government fines Citigroup $136 million for failing to fix longstanding internal control issues

Jul 10, 2024, 1:57 PM | Updated: 2:20 pm

NEW YORK (AP) — A pair of government regulators slapped Citigroup with a $135.6 million on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues. It’s a major blow to Jane Fraser, the bank’s CEO, who has staked her career on making Citi leaner and less complex.

The fines come from the Federal Reserve and the Office of the Comptroller of the Currency, which said in separate releases that Citigroup had failed to meet its obligations stemming from a 2020 consent order related to the bank’s risk and control issues. While the regulators said the bank had made progress, there were still significant problems at the bank that required the OCC and Fed to assess additional penalties.

“Citibank must see through its transformation and fully address in a timely manner its longstanding deficiencies,” said Acting Comptroller of the Currency Michael J. Hsu, in a statement.

In a statement, Fraser acknowledged the bank hasn’t made progress quickly enough and that it is possible for Citi make itself less risky.

United States News

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Government fines Citigroup $136 million for failing to fix longstanding internal control issues