Government fines Citigroup $136 million for failing to fix longstanding internal control issues

A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues. It’s a major blow to Jane Fraser, the bank’s CEO, who has staked her career on making Citi leaner and less complex. The Federal Reserve and the Office of the Comptroller of the Currency said Citigroup had failed to meet its obligations stemming from a 2020 consent order related to the bank’s risk and control issues.