Banking Regulators Says Citigroup Faulted On Managing Financial Data
According to a review, Citigroup Group Inc (NYSE: C) needs to address the shortcomings in managing financial data that could sometimes hurt its ability to produce accurate financial reports.
“Issues regarding the Covered Company’s data governance program could adversely affect the firm’s ability to produce timely and accurate data and, in particular, could degrade the timeliness and accuracy of key metrics that are integral to the execution of the firm’s resolution strategy,” the agencies told Citigroup, CNBC reported.
Citigroup was the only bank among the eight institutions reviewed that was found to have a shortcoming in its plan, the regulators noted.
In a statement, Citigroup said it was “completely committed” to addressing the shortcoming found in its 2021 resolution plan.
“As part of the transformation Citi has embarked upon, we are making significant investments in our data integrity and management, as the letter notes,” the bank said.
“We will leverage that work to remediate the shortcoming identified today, as we acknowledge there is much more work to do.”
Price Action: C shares are down 2.14% at $48.28 on the last check Wednesday.
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