Here's how months of tension between Citigroup and its regulators over the bank's tech and risk systems boiled over into the CEO's early retirement
When Citigroup's press release hit the wire at 8:30 am last Thursday, it caught all of Wall Street off guard.
Instead, he chose to retire after it became clear regulators were losing patience with his inability to fix risk, compliance and technology systems, according to those familiar with the matter. "While we never comment on our discussions with regulators, we are completely committed to improving our risk and control environment," according to a Citi spokeswoman. "We appreciate the urgency of the tasks at hand."
Then $900 million mistakenly changed hands. The bank sent that amount – enough to pay off principal and interest owed – to a group of lenders to Revlon who were agitating to be paid. The lenders were locked in a legal standoff with the company when Citigroup sent its payment.Citi has quietly undergone a massive restructuring over the past year. Here are the businesses it overhauled and the executives who departed.
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