CITI HIT BY NEW FED REBUKE AND SETBACKS ON CONSENT ORDERS

U.S. regulators have urgently requested Citigroup to make changes to its methodology for assessing default risk associated with its trading partners. Additionally, the bank's auditors have identified deficiencies in its plan to enhance internal oversight, potentially impeding CEO Jane Fraser's efforts to rejuvenate the bank's performance.

In late last year, the Federal Reserve issued three notices to Citi, instructing the bank to address, within the coming months, its approach to measuring the risk of default by counterparties in derivative transactions.

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