U.S. Regulators Delay Citigroup China Expansion Plan, Bloomberg Reports
--Citigroup's expansion plan in China has hit a roadblock with U.S. regulators after the Federal Reserve imposed a penalty on the bank for its data management and risk controls, Bloomberg reports, citing people familiar with the matter.
--Citi faces delays in setting up a standalone securities firm because it hasn't yet received a clearance letter from the Fed verifying its regulatory standing, which is required by Chinese authorities, according to the report.
--Citi was instructed to resolve its data management problems at home, after being hit with a combined $136 million in fines in July, Bloomberg reports, adding that the bank said it is unable to comment on talks with regulators.
Full story: https://www.bloomberg.com/news/articles/2024-09-23/citigroup-s-china-expansion-plan-put-on-hold-by-us-regulators
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 23, 2024 06:19 ET (10:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk
United States