Regulators planning to reprimand Citigroup – report
The Office of the Comptroller of the Currency and the United States Federal Reserve are preparing to reprimand Citigroup Inc. for not doing enough to improve its risk-management systems, the Wall Street Journal reported on Monday.
Reportedly, the retirement of the company’s CEO Michael Corbat was expedited due to the situation. According to WSJ’s sources, the executive believes it best to leave the overhaul of the systems, used to manage an institution’s exposure to losses or risk and to protect the value of its assets, to his successor.
“While we have made significant and demonstrable progress in each of these areas, we recognize that we are not yet where we need to be and that has to change,” a spokesperson told the news organization.
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