Citi Seeks Rapid Resolution of Its US Regulatory Burdens

3-line summary

• Citigroup aims to quickly resolve regulatory requirements dating to 2020 so it can refocus on growth, two unnamed sources told Reuters, as reported by Investing.com. The requirements stem from a 2020 incident in which Citi mistakenly wired $900 million to Revlon creditors, after which the Federal Reserve and the Office of the Comptroller of the Currency (OCC) demanded improvements to risk management and data governance and imposed a $400 million fine.
• Citi plans to submit comprehensive audit results to the Fed and OCC to avoid approval delays, then scale back parts of its remediation structure, with the goal of having the consent orders lifted; as of this summer, Citi was targeting filing by year-end or before Q1 next year, Reuters had previously reported a 2026 year-end target, though a temporary audit-related delay occurred this summer. CEO Jane Fraser said the regulatory work is about 90% complete and that the bank remains focused solely on organic growth.
• Citi spent $3.3 billion on "transformation" work last year, according to filings; the OCC fined Citi further in 2024 over data-issue delays before lifting that amended order in December 2025, though the original consent order remains in effect. Wealth management returned 12.6% in H1, versus a long-term target of 20%. Citi reports earnings this Tuesday.

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