Citi fined $136mn for compliance failures in further blow to overhaul

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Financial Times 2w ago

Citi fined $136mn for compliance failures in further blow to overhaul - Financial Times

Quick Summary:

Last month, another US regulator, the Federal Deposit Insurance Corporation, voted to reject Citi’s so-called living will, finding its plan to wind itself down in a theoretical calamity and avoid a government bailout to be “deficient”.

Martin claims she was fired last autumn for reporting to regulators that Citi had missed a crucial deadline connected to the 2020 fine.

In the suit, she alleged she was repeatedly instructed to lie to regulators about Citi’s progress on its risk and data mitigation efforts.