Citigroup Fined $136 Million for Ongoing Internal Control Failures

Federal Reserve and OCC penalize Citi for insufficient progress on risk management since 2020.

Regulators imposed fines due to Citi's slow progress in addressing internal control issues highlighted in a 2020 consent order.
Citi CEO Jane Fraser acknowledges the delays but remains confident in the bank's transformation efforts.
This fine follows a previous $400 million penalty in 2020 for similar deficiencies.
The bank's complex structure and outdated systems contribute to ongoing regulatory concerns.
Citigroup's 'living will' was rejected by regulators in June, citing unresolved risk management issues.