US regulators have fined Citigroup $136 million for failing to address longstanding data management issues identified in 2020. The Federal Reserve and Office of the Comptroller of the Currency (OCC) found that Citigroup had made “insufficient progress” in fixing its data management problems and implementing controls to manage ongoing risks. The fines are the latest blow to CEO Jane Fraser as she tackles the bank’s regulatory failings and streamlines its structure. The bank has agreed to a sweeping plan to fix its data faults, but regulators have found that it still had deficiencies and had not made adequate progress.
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