⁍ Citigroup agrees to pay $400 million penalty for failing to address ‘several longstanding deficiencies’
Bank must overhaul its risk management, data governance and internal controls.

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– Citigroup will pay a $400 million penalty for failing to address “several longstanding deficiencies” in its risk management and internal controls, US banking regulators said today. The Federal Reserve and Office of the Comptroller of the Currency said in separate statements that the bank must overhaul its risk management, data governance, and internal controls, noting that it needs “comprehensive corrective actions,” Reuters reports.