Citi Accelerates Push to Lift Longstanding Regulatory Consent Orders
C sits 39% above its 52-week low of $93.66.
Summary
Citi is accelerating efforts to resolve regulatory consent orders that have lingered since 2020, aiming to submit paperwork to the Fed and OCC by year-end or Q1. CEO Jane Fraser says the bank is about 90% done with the required remediation work. A summer internal audit rejected a version of data tracing, causing a brief delay, but the bank is now targeting a comprehensive audit to avoid further setbacks. Lifting the orders would free up resources and could broaden the investor base, according to Wells Fargo analyst Mike Mayo. The bank spent $3.3 billion on transformation work last year and reports earnings on Tuesday.
At the time of this announcement, C was trading at $130.05 on NYSE in the Finance sector, with a market capitalization of approximately $217.5B. The 52-week trading range was $93.66 to $147.96. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.