Citigroup CFO tells Goldman Sachs audience why his bank failed to meet regulatory requirements [Yahoo! Finance]
Citigroup, Inc. (C)
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Source: Yahoo! Finance
having trouble complying with demands by regulators imposed as part of a $400 million settlement in 2021 related to poor risk management practices. Speaking at the Goldman Sachs Financial Services Conference, Mason told the bank's managing director of equity research, Richard Ramsden, that a hodgepodge of internal systems that were "never fully integrated" have made it more difficult than expected to file required reports with regulators about how his bank is used. “We have been working at not just what's expected of us from the consent order, but a broader operational overhaul across the entire company," said Mason. "But as everyone would have seen, there are other areas where we're not as far along as we'd like.” Mason's address today follows October 2020 cease-and-desist orders against Citigroup by the OCC and the Federal Reserve , which found that the bank failed to implement and maintain a risk management program, internal controls, or data governance suitable for the bank'
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