📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

Citi added new section on reorganization in quarterly report following US SEC query

Published 08/21/2024, 04:31 PM
Updated 08/21/2024, 05:56 PM
© Reuters. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo
C
-

(Reuters) - Citigroup's addition of a new section concerning its multi-year reorganization to its quarterly report filed with the U.S. Securities and Exchange Commission in August, followed queries from the markets regulator.

The SEC's letter to Citi, which was sent in June and disclosed on Wednesday, had asked the bank to revise future filings.

In July, U.S. bank regulators fined Citi $136 million for making "insufficient progress" fixing data management issues identified in 2020 and required the bank to demonstrate that it was making sufficient efforts.

"This new section will discuss Citi's broader transformation efforts, which also include efforts to implement the October 7, 2020 FRB and OCC consent orders," the lender had responded to SEC in a letter on July 10, which was disclosed on Wednesday.

Citi CEO Jane Fraser is carrying out a sweeping overhaul in an effort to improve the bank's performance, cut costs and simplify its sprawling businesses.

As part of the turnaround, Citi aims to shrink its workforce by 20,000 over the next two years.

© Reuters. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo

"Despite making good progress in simplifying our firm and addressing our consent orders, there are areas where we have not made progress quickly enough," Fraser had said after the regulatory action was disclosed.

The bank also added a section discussing the 2024 consent orders to its second quarter report, as part of its efforts to enhance regulatory disclosures.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.