Citigroup slammed with $400 million fine for 'longstanding failure' to resolve its risk and data systems
REUTERS/Brendan McDermid
US banking regulators fined Citigroup $400 million on Thursday for"longstanding failure" to fix its data and risk management systems. Under the order, Citigroup is mandated to seek regulatory approval before making any significant acquisitions. The Office of the Comptroller of the Currency and the Federal Reserve declared enforcement action against the bank for falling short of taking"prompt and effective actions to correct practices" in its risk management and internal controls.Visit Business Insider's homepage for more storiesCitigroup was fined $400 million on Thursday by US regulators for failing to resolve"several longstanding deficiencies" tied to its data and risk management systems.
Under the order, Citigroup must seek the OCC's approval before making any new significant acquisitions. The regulator also reserves the right to make any significant changes in senior leadership, or the board, if it believes the bank has not complied in a timely manner with the order. against Citigroup for not taking"prompt and effective actions to correct practices" previously noted in its risk and data quality management, and internal controls.
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