Citigroup faulted by U.S. banking regulators for poor data management in 'living will' review

Citigroup needs to code weaknesses successful however it manages fiscal data, according to a reappraisal of the biggest banks' alleged surviving volition plans, U.S. banking regulators said Wednesday.  

Citigroup's shortcomings could wounded its quality to nutrient close fiscal reports successful times of duress, the Federal Reserve and the Federal Deposit Insurance Corporation said successful a missive to the bank's executives. The biggest U.S. banks submitted plans past twelvemonth that item however they could beryllium rapidly unwound successful the lawsuit of a bankruptcy.

"Issues regarding the Covered Company's information governance programme could adversely impact the firm's quality to nutrient timely and close information and, successful particular, could degrade the timeliness and accuracy of cardinal metrics that are integral to execution of the firm's solution strategy," the agencies told Citigroup successful a missive dated Nov. 22.

Citigroup was the lone slope among the 8 institutions reviewed that was recovered to person a shortcoming successful its plan.

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