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Jul 11, 2024 · WASHINGTON, July 10 (Reuters) - U.S. bank regulators fined Citigroup (C.N) $136 million for making "insufficient progress" fixing data management issues identified in 2020 and required the bank...
- Exclusive: Citigroup submits multiyear plan to address Fed ...
NEW YORK, Sept 16 (Reuters) - Citigroup has submitted a...
- Exclusive: Citigroup submits multiyear plan to address Fed ...
Sep 16, 2022 · NEW YORK, Sept 16 (Reuters) - Citigroup has submitted a comprehensive multiyear plan to the Federal Reserve and the Office of the Comptroller of the Currency outlining steps to fix weaknesses...
- Consumer Banking Sales
- Boosting Financial Returns and Regulatory Issues
- Where Is The Bank in The Transformation?
Citigroup initially announced plans to exit 13 international consumer banking units and is well underway in the process. The process has not always been smooth and at times has resulted in charges, like with its Korean consumer bank, which Citigroup was unable to sell and had to wind down. But at the end of the third quarter, Citigroup had signed a...
Citigroup said at its investor day event that its goal is to deliver an 11% to 12% ROTCE over the next three to five years. Through the first three quarters of the year, Citigroup had a 9.9% ROTCE and in the third quarter the bank turned in an 8.2% ROTCE. However, Citigroup is currently benefiting from higher interest rates and a very benign credit...
I think the bankis making progress and doing everything it can to move quickly on the transformation but it does still seem like there is a lot more work to do. That said, there are some potential catalysts to look out for in 2023, including the resumption of share repurchases and the sale of the Mexico division. The good news is that the stock is ...
Jul 15, 2024 · “Citigroup has made insufficient progress remediating its problems with data quality management,” the Fed said in a Wednesday statement. “Our transformation is addressing decades of underinvestment in large parts of Citi’s infrastructure and in our risk and control environment,” Fraser said, pointing to “fragmented tech platforms ...
Jul 12, 2024 · The challenge requires unifying Citi's scattered data sources and automating more processes to handle massive swathes of data. One regulatory report can require 750,000 lines of data,...
- Hayley Cuccinello
- Henry Blodget
Jan 16, 2023 · Citigroup plans to spend $54 billion in 2023 on an ongoing transformation as it overhauls data, risk, and technology processes and infrastructure – after mistakenly sending $900 million to clients in August 2020.
People also ask
Is Citigroup making progress on a multi-year plan?
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How many people are working on Citigroup's new financial plan?
Aug 21, 2024 · Citigroup's addition of a new section concerning its multi-year reorganization to its quarterly report filed with the U.S. Securities and Exchange Commission in August, followed queries from the...
