Citigroup will pay $135.6mn to US banking regulators for failing to correct long-standing problems in risk control and data management, the latest black eye for it and chief executive Jane Fraser, whose tenure has been plagued by regulatory issues.
Michael Hsu, acting Comptroller of the Currency, said in a statement on Wednesday that Citi had “long-standing deficiencies” that had not been fully addressed by the bank and its management. He added that Citi needed to “refocus its efforts” and ensure “appropriate resources are allocated for this purpose”.
The Federal Reserve, which is assessing part of the fine, said a 2023 inspection of Citi found that its data control issues remained a risk.
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