(Bloomberg) — Citigroup Inc. will pay a $400 million U.S. penalty and must seek the government’s sign-off for major acquisitions after regulators chided the bank for several persistent problems with its risk controls.Citigroup was fined by the Office of the Comptroller of the Currency for what the agency called an ongoing “failure to establish effective risk management and data governance programs and internal controls,” according to a Wednesday statement. The OCC also demanded that Citigroup seek its approval before “significant new acquisitions” and reserved the right to require changes in senior management if the company doesn’t act quickly to address …read more
Source:: Yahoo Finance
