Citigroup, a major US bank, is facing a hefty $135.6 million fine from regulators for failing to fix long-standing issues with its risk management, compliance, data handling, and internal controls.
Citigroup’s Repeated Failures
This isn’t the first time Citigroup has been in hot water for these issues. Back in 2020, regulators flagged deficiencies and the bank agreed to make changes. However, a recent review revealed that Citigroup hasn’t made enough progress to address the concerns.
Regulators Not Happy
The Federal Reserve and the Office of the Comptroller of the Currency (OCC) are not happy with Citigroup’s lack of progress. They are demanding that the bank refocus its efforts on fixing these problems and ensure they have the resources to do so.
Consequences for Citigroup
If Citigroup doesn’t get its act together, the regulators have warned that they will impose even more penalties and take stronger action. This isn’t the first time Citigroup has been fined. Since 2000, the bank has paid over $26.9 billion in fines for various violations, including securities abuses, banking violations, and investor protection violations.
