New York – Citi has issued the following statement regarding the joint feedback letter from the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) with respect to Citi’s July 2021 Targeted Resolution Plan.
“We are pleased that we have addressed the shortcoming identified in the 2019 Resolution Plan and we are completely committed to addressing the shortcoming identified in our July 2021 plan. As part of the Transformation Citi has embarked upon, we are making significant investments in our data integrity and data management, as the letter notes. We will leverage that work to remediate the shortcoming identified today, as we acknowledge there is much more work to do. The result of these efforts will be more streamlined systems that improve the quality of our data as well as the speed with which it can be accessed.
“We have a rigorous, firm-wide resolution planning process across Citi’s businesses, functions and regions. We continue to have confidence that we can be resolved without the use of taxpayer funds or an adverse systemic impact.”
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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Media contact: Danielle Romero Apsilos 212-816-2264
Investor contact: Jennifer Landis 212-559-2718