Report: Feds to Reprimand Citigroup Over Risk-Management Failures
Citigroup (NYSE: C) is apparently facing disciplinary action from federal regulators. An article published Monday in The Wall Street Journal, citing "people familiar with the matter," reported that the Office of the Comptroller of the Currency and the Federal Reserve plan to formally reprimand the bank for its risk-management systems and procedures.
Such a rebuke might take the form of a consent order, which would mandate near-immediate action for Citigroup to improve its systems. The article's sources did not provide insight as to whether the company faces a fine or penalties for this.
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Source Fool.com
