Regulators Frustrated with Citigroup Progress

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By Sam Boughedda

According to Wall Street Journal sources, regulators are growing increasingly frustrated with the progress of Citigroup (NYSE:C) since they reprimanded the bank for problems with systems it has in place to prevent mistakes.

The Wall Street Journal reported that Federal Reserve officials have frequently spoken to Citigroup about its plan to mend its risk-management system.

It is said that in a meeting over the summer, officials from the Office of the Comptroller of the Currency cautioned the bank's board that there could be consequences if they did not improve the situation. Citigroup is set to submit a new plan on Thursday that includes various landmarks the Fed and OCC officials can use to judge its progress. It hopes to ease regulator concerns.

According to the WSJ, a spokeswoman stated that the bank has taken "decisive actions" to simplify the firm, and they will "continue to act with urgency to modernize the bank for the digital age" and strengthen the risk and control environment.