Citigroup is attempting to conclude its supervisory remediation obligations at an accelerated pace, aiming to redirect its organisational focus towards business expansion, reported Reuters.
The regulatory directives, which have affected the US bank since 2020, have resulted in financial penalties and diverted internal attention, the report said.
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According to unnamed sources cited by Reuters, internal projections through the summer anticipated lodging the requisite documentation with supervisory bodies by late this year or during the first quarter.
In a statement to Retail Banker International, a bank spokesperson said: “The way Citi is run today is fundamentally different from where we started our Transformation, and we are committed to ensuring the changes we have been making to strengthen our risk and control environment are sustainable.”
“As we have said consistently, we will not speculate about the lifting of the consent orders because that remains solely at our regulators’ discretion.”
To avert procedural delays during the evaluation phase, the bank plans to present an exhaustive audit to the Federal Reserve and the Office of the Comptroller of the Currency before scaling down elements of its internal remediation framework, the sources said.
Fulfilling these requirements represents the path towards terminating the outstanding consent orders, which mandate operational corrections across Citi’s data governance, risk management, and related systems.
While chief executive Jane Fraser has stated that roughly 90% of the mandated compliance workload is complete, Reuters reported earlier this year that internal targets previously pointed towards concluding the process by the end of 2026.
Although Citi has formally avoided confirming an official schedule, the bank is “under pressure to achieve this as soon as possible”, as reported by the news agency despite encountering a brief postponement linked to audit processes during the summer.
