CITIGROUP WILL PAY $400 MILLION FINE OVER FAILURE TO ASSESS RISK AND INTERNAL CONTROLS

Highlights

• According to the Federal Reserve, Citigroup has failed in various areas of risk management and internal controls that include data management, capital planning and regulatory reporting

• This fine was the punishment for Citigroup's long standing failure to remedy problems on its risk and data systems said the Office of the Comptroller of the Currency (OCC)

• Citigroup in its stateme....