Citigroup facing new regulatory knock on its living will, source says
-The Federal Deposit Insurance Corp's five-member board plans to vote on Thursday to downgrade its rating on Citigroup's data-management systems to a"deficiency" from a"shortcoming," according to a government official familiar with the matter.
The Fed, however, is not expected to join the FDIC in escalating its concerns about the bank's plan, the official said. The Wall Street Journal was the first to report on the move.Banking regulators had said problems with Citi's data governance could adversely affect its ability to produce timely and accurate data during a period of financial stress and told the bank to take urgent action to fix its resolution plan.
"Our balance sheet and financial health remains strong, with high levels of capital, liquidity and reserves. We continue to have confidence that Citi could be resolved without the use of taxpayer funds or an adverse impact on the financial system," the bank said.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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