New York Citi today issued the following statement regarding the feedback it received from The Federal Reserve Board (Fed) and the Federal Deposit Insurance Corporation (FDIC) on its 2015 Resolution Plan:
Michael Corbat, Citi's Chief Executive Officer, said: "We are pleased that neither the Fed nor the FDIC found any deficiencies in our 2015 Resolution Plan. The preparation of the plan entailed a rigorous, firm-wide process across Citi's businesses, functions and regions. We will address the feedback we received from the Fed and FDIC and are committed to continuing to strengthen Citi's resolution planning capabilities.
"Citi has become a simpler, smaller, safer and stronger institution since the financial crisis and it is critical that Citi can be resolved without the use of taxpayer funds and without adverse systemic impact," Mr. Corbat concluded.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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