Reported about 1 year ago
The Federal Deposit Insurance Corp's five-member board is expected to vote to downgrade Citigroup's data-management systems rating from 'shortcoming' to 'deficiency,' as reported by the Wall Street Journal. This move is related to concerns regarding Citi's living will, which outlines its unwinding in case of bankruptcy. While the FDIC is considering escalation due to data governance issues, the Fed is not expected to follow suit. Citigroup stated that it has strong financial health and confidence in its resolution capabilities.
Source: YAHOO