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In a consent order agreed to by the New York bank’s board, the Federal Reserve faulted Citigroup for falling short in “various areas of risk management and internal controls” including data management, regulatory reporting and capital planning. The OCC, in a separate consent order, said the fine was punishment for the bank’s “longstanding failure” to remedy problems in its risk and data systems.
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“We are disappointed that we have fallen short of our regulators’ expectations, and we are fully committed to thoroughly addressing the issues identified in the Consent Orders,” the bank said. “Citi has significant remediation projects under way to strengthen our controls, infrastructure and governance.”
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