Citigroup Fined $135.6 Million for Internal Control Failures
Citigroup faces a $135.6 million fine from regulators for failing to address internal control and risk issues. Despite some progress, the bank still faces penalties from the OCC and Fed. CEO Jane Fraser remains confident in Citi’s ability to reduce its risk profile amid ongoing transformation efforts.
Wells Fargo Regains Regulatory Approval
Wells Fargo’s primary regulator lifts penalty related to 2016 fake accounts scandal, causing shares to surge. CEO Charlie Scharf calls it a ‘milestone’ for the bank, as the fallout from the scandal tarnished its reputation and led to the departure of two CEOs.