NATIONAL NEWS

Government fines Citigroup $136 million for failing to fix longstanding internal control issues

Jul 10, 2024, 1:57 PM | Updated: 2:20 pm

NEW YORK (AP) — A pair of government regulators slapped Citigroup with a $135.6 million on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues. It’s a major blow to Jane Fraser, the bank’s CEO, who has staked her career on making Citi leaner and less complex.

The fines come from the Federal Reserve and the Office of the Comptroller of the Currency, which said in separate releases that Citigroup had failed to meet its obligations stemming from a 2020 consent order related to the bank’s risk and control issues. While the regulators said the bank had made progress, there were still significant problems at the bank that required the OCC and Fed to assess additional penalties.

“Citibank must see through its transformation and fully address in a timely manner its longstanding deficiencies,” said Acting Comptroller of the Currency Michael J. Hsu, in a statement.

In a statement, Fraser acknowledged the bank hasn’t made progress quickly enough and that it is possible for Citi make itself less risky.

National News

Associated Press

Mother of 3-year-old found dead at recycling center feared ex-husband would harm daughter

SAN FRANCISCO (AP) — The mother of a 3-year-old girl whose body was found in a San Francisco Bay Area recycling center over the weekend said Tuesday she feared for her daughter’s well-being whenever the child was with her ex-husband, who authorities said died by suicide and is suspected in the child’s death. San Jose […]

5 minutes ago

FILE - Visitors to Point Woronzof Park watch the sun set over Cook Inlet and Mount Susitna, on June...

Associated Press

US judge suspends Alaska Cook Inlet lease, pending additional environmental review

JUNEAU, Alaska (AP) — A federal judge has suspended the lease stemming from a 2022 oil and gas sale in Alaska’s Cook Inlet basin after finding problems with the environmental review it was based on. U.S. District Court Judge Sharon Gleason, in a decision Tuesday, found the U.S. Bureau of Ocean Energy Management failed in […]

22 minutes ago

Associated Press

Syrian official who oversaw prisons with widespread allegations of abuse arrested by US officials

LOS ANGELES (AP) — A former Syrian military official who oversaw prisons with widespread allegations of abuse has been arrested in Los Angeles. Samir Ousman al-Sheikh, 72, was arrested last week at Los Angeles International Airport on immigration fraud charges, specifically that he denied in his U.S. visa application that he had ever ordered any […]

32 minutes ago

Sen. Bob Menendez, D-N.J., leaves federal court in New York, Tuesday, July 16, 2024. Menendez has b...

Associated Press

Democrats consider expelling Menendez from the Senate after conviction in bribery trial

WASHINGTON (AP) — Sen. Bob Menendez has shown no sign he will voluntarily resign from the Senate following his conviction on bribery charges, leaving Democratic senators contemplating an expulsion effort to force him from office. While Menendez, a New Jersey Democrat, has six months remaining in his term, Democrats have made clear they don’t want […]

41 minutes ago

FILE - Special Assistant District Attorney John B. Johnson speaks in Glynn County Superior Court in...

Associated Press

A Georgia death row inmate says a prosecutor hid a plea deal with a key witness, tainting his trial

SAVANNAH, Ga. (AP) — Attorneys for a Georgia inmate sent to death row 25 years ago are accusing a prosecutor of hiding a deal that they contend casts doubt on the credibility of a crucial trial witness. Warren King was sentenced to death in September 1998 after an Appling County jury convicted him of murdering […]

1 hour ago

FILE - Jon Jones speaks during the UFC 152 pre-fight press conference at the Real Sports Bar and Gr...

Associated Press

Jon Jones fights charges stemming from alleged hostility during a drug test at his home

ALBUQUERQUE, N.M. (AP) — UFC heavyweight champion Jon Jones pleaded not guilty Wednesday to a pair of misdemeanor charges stemming from a drug test at his New Mexico home in which he was accused of being hostile. Jones appeared seated next to his attorney as the pleas were entered on his behalf during a virtual […]

1 hour ago

Government fines Citigroup $136 million for failing to fix longstanding internal control issues