Regulators preparing to impose costs on Citigroup for failing to improve risk-management systems

In a report the Wall Street Journal said, federal regulators are preparing to impose a fine on Citigroup Inc for failing to improve its risk-management systems,

With the news reaching the market, Citi’s shares fell by 3.3%.

According to the report, the move that is schedule to come, initiated by the Office of the Comptroller of the Currency and the Federal Reserve, has accelerated retirement plans for Citi’s CEO Michael Corbat; regulators have however not formally asked him to step down, said sources.

Neither Citigroup nor Federal regulators immediately responded to requests for comments.

Earlier this month, Citigroup named Jane Fraser as its next CEO.

Fraser is scheduled to take over from Corbat in February 2021.



Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: