Citigroup fined $400 million by U.S. regulators for 'longstanding deficiencies'

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WASHINGTON (Reuters) – Citigroup Inc (N:C) has agreed to pay a $400 million penalty for failing to address “several longstanding deficiencies” across the company, U.S. banking regulators said on Wednesday.

The Federal Reserve and Office of the Comptroller of the Currency, said in separate statements that the bank must overhaul its risk management, data governance and internal controls across the company, noting that it needs “comprehensive corrective actions.”

The OCC order also gives the regulator the ability to veto any significant new acquisitions by the bank, and reserves the right to require changes to senior management or the bank’s board if necessary.