Citigroup Fined $136M for Persistent Data Management Failures

Regulators highlight insufficient progress despite massive investments in technology and personnel.

Citigroup has been fined for failing to address data management issues identified in a 2020 enforcement action.
The bank's 'Transformation' program, involving 12,000 employees and $7.4 billion, has not met regulatory expectations.
CEO Jane Fraser acknowledges setbacks but commits to continued investment to resolve compliance issues.
A lawsuit alleges that a senior executive pressured an employee to misreport data to regulators, adding to the bank's challenges.
Regulators require Citigroup to provide quarterly resource reviews to ensure adequate progress.