Continuing its deficiencies in internal controls and risk management has led Citi Group to pay a whopping $ 400 million as fine. A statement by the Comptroller mentioned on Wednesday.
The statement also says that the Citi Group must seek permission before hopping over a new acquisition. Additionally, OCC said if the company fails to address its fallacies, then it can execute several other restrictions on its senior management and business prepositions.
Reportedly, Federal Reserve also implemented some sanctions on the Citi Group on Wednesday. It handed over the bank with several deadlines for reporting back after analysing, how to get the risk-management issues fixed.