Reported 10 months ago
US banking regulators rejected Citigroup's 'living will', a plan for catastrophic failure, due to deficient data controls. The Federal Deposit Insurance Corporation's board voted against Citi's resolution plan, expressing concerns over the bank's ability to be safely resolved and its data governance challenges. Despite Citi's reassurances of a strong balance sheet, regulatory issues persist as the Federal Reserve is expected to release its own analysis of large bank resolution plans soon.
Source: YAHOO