Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Regulators prepare to reprimand Citigroup for failing to improve risk systems: WSJ

Published 09/14/2020, 03:11 PM
Updated 09/14/2020, 03:15 PM
© Reuters. Two men look at their mobile phones under the Citigroup logo at the SIBOS banking and financial conference in Toronto

(Reuters) - Federal regulators are preparing to reprimand Citigroup Inc (N:C) for failing to improve its risk-management systems, the Wall Street Journal reported https://on.wsj.com/3mvwLES on Monday.

The bank's shares fell 3.3% after the news.

The expected move from the Office of the Comptroller of the Currency and the Federal Reserve accelerated planning for Chief Executive Officer Michael Corbat's retirement, although regulators did not ask for him to step down, the Journal said, citing people familiar with the matter.

Citigroup and Federal regulators did not immediately respond to Reuters requests for comment.

Citigroup earlier this month named consumer banking head Jane Fraser as its next chief executive. Fraser will take over from Corbat in February.

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.