Citigroup says it's in dialogue with regulators on consent order
Reuters
Published Oct 14, 2022 02:11PM ET
NEW YORK (Reuters) - Citigroup (NYSE:C) Chief Executive Jane Fraser said on Friday the bank is having "constant and constructive" dialogue with regulators about a consent order issued two years ago requiring the bank to improve its risk management and internal controls.
"Transformation is our number one priority," Fraser told analysts after the company reported third quarter earnings. "It will be a multiyear journey and prioritizing safety and soundness is very important."
Reuters reported last month that Citigroup had submitted a comprehensive multiyear plan to the Federal Reserve and the Office of the Comptroller of the Currency outlining steps to fix weaknesses in its risk management and internal controls, citing two sources familiar with the matter.
The plan aims to address a 2020 directive from the Fed demanding that the bank correct several "longstanding deficiencies" in its internal controls. The Office of the Comptroller of the Currency (OCC) imposed a $400 million fine on Citi in 2020, citing similar concerns.
"We have constant and constructive engagement with our regulators," Fraser said Friday. "Personally, I find them to be very helpful and essential to our success."
The bank has been investing heavily in hiring people and adding resources to address the issues, she said, but declined to provide more details because the cleanup effort involves "confidential supervisory information."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.