Business

Citigroup slammed with $400 million fine for 'longstanding failure' to resolve its risk and data systems

19 days ago   |   By Business Insider

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US banking regulators fined Citigroup $400 million on Thursday for "longstanding failure" to fix its data and risk management systems.
Under the order, Citigroup is mandated to seek regulatory approval before making any significant acquisitions.
The Office of the Comptroller of the Currency and the Federal Reserve declared enforcement action against the bank for falling short of taking "prompt and effective actions to correct practices" in its risk management and internal controls.
Thursday's fine is the second penalty slapped on Citigroup in recent weeks.
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