Statement from Citi CEO Jane Fraser on Regulatory Actions
New York – Citi today released the following statement from CEO Jane Fraser regarding the Federal Reserve Board and the Office of the Comptroller of the Currency’s regulatory actions in connection with its 2020 Consent Orders.
"We have acknowledged that, despite making good progress in simplifying our firm and addressing our Consent Orders, there are areas where we have not made progress quickly enough, such as in our data quality management. We’ve intensified our focus and increased our investment in those areas over the last several months. We will get these areas where they need to be, as we have done in other areas of the Transformation. As we’ve said from the beginning of this multi-year effort, we’re committed to spending what is necessary to address our consent orders, as our agreement with the OCC demonstrates. We’re confident that we have the financial resources to support both our Transformation and investment in our businesses as well as meet our strategic and financial goals, including the capital distribution we described in late June. We’ve always said that progress wouldn’t be linear, and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our Transformation.”
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