Citi seeks rapid resolution of its US regulatory burdens
C•Citigroup is aiming to submit a comprehensive audit to regulators by year-end or the first quarter as it works to resolve consent orders. CEO Jane Fraser has said the bank is about 90% done with required regulatory work.
1. Audit submission target
Citigroup is seeking to resolve regulatory demands that have weighed on the bank since 2020. As recently as the summer, it was targeting submission of paperwork by year-end or during the first quarter, two people familiar with the matter said.
2. Orders require approval
The bank aims to present a comprehensive audit to the Federal Reserve and the Office of the Comptroller of the Currency before winding down part of its remediation structure. Lifting the consent orders, which cover risk management, data governance and other issues, requires sign-off from both regulators.
3. Costs and remaining work
Citigroup spent $3.3 billion on transformation work last year, filings show. Fraser has said the bank is about 90% done with the required work; the wealth division returned 12.6% in the first half, compared with a long-term goal of 20%.
