Last week, the US Federal Reserve Board and the Office of the Comptroller of the Currency fined Citigroup $135.6 million for failing to address longstanding risk control and data management issues.
"Citibank must see through its transformation and fully address in a timely manner its longstanding deficiencies," Acting Comptroller of the Currency Michael J. Hsu wrote in a related statement. “Today's amendment requires the bank to refocus its efforts on taking necessary corrective actions and ensuring appropriate resources are allocated for this purpose.”
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