According to Citibank, it “has significant remediation projects underway to strengthen our controls, infrastructure, and governance. These projects are each multi-year and have received significant investment. However, while we have made progress in each of these areas, we recognize that substantial improvement is still required to meet the standards we have set for ourselves and that our regulators expect of us.”
The bank said it will invest more than $1 billion to implement structural changes and its management is committed to “achieving operational excellence and a best-in-class risk and control environment.”
—————————————-
Have a story you want USA Herald to cover? Submit a tip here and if we think it’s newsworthy, we’ll follow up on it.
Want to contribute a story? We also accept article submissions — check out our writer’s guidelines here.
