Stock Market News

Shares of Citigroup collapse due to problems with the banking regulator

2022.11.23 13:38



Shares of Citigroup collapse due to problems with the banking regulator

Budrigannews.com – Citigroup After agencies discovered a flaw in the company’s plan for resolution, shares fell on Wednesday.

At the time of writing, the shares of the bank are down more than 2% and are trading around $48.22.
The outcomes of their joint examination of the resolution plans submitted in 2021 by the eight most prominent and complex domestic banking organizations were made public by the Federal Reserve Board and the Federal Deposit Insurance Corporation.

The plans need to portray the technique for “fast and deliberate goal in liquidation” in case of huge monetary trouble or the bank’s disappointment.

However, the agencies discovered a flaw in Citigroup’s plan, despite the fact that seven of the financial institutions’ plans were in order.

The Federal Reserve Board and the Federal Deposit Insurance Corporation stated, “In Citigroup’s resolution plan, the agencies found a shortcoming related to data quality and data management concerns previously identified by the Board in its October 2020 enforcement action.”

Citi said that it was pleased to have “addressed the shortcoming identified in the 2019 Resolution Plan” and that it is “completely committed” to dealing with the shortcoming identified in its July 2021 plan following the announcement.

According to the letter, “We are making significant investments in our data integrity and data management.”They continued, “We will utilize that work to rectify the flaw identified today, as we acknowledge there is much more work to be done.”

Shares of Citigroup collapse due to problems with the banking regulator

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,363.35 0.22%
ethereum
Ethereum (ETH) $ 3,408.84 0.02%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 254.70 0.15%
bnb
BNB (BNB) $ 667.53 2.33%
xrp
XRP (XRP) $ 1.51 5.03%
dogecoin
Dogecoin (DOGE) $ 0.43253 0.81%
usd-coin
USDC (USDC) $ 1.00 0.07%
cardano
Cardano (ADA) $ 1.06 0.73%
staked-ether
Lido Staked Ether (STETH) $ 3,409.40 0.19%
avalanche-2
Avalanche (AVAX) $ 45.61 9.15%
tron
TRON (TRX) $ 0.210293 2.56%
stellar
Stellar (XLM) $ 0.536158 5.93%
the-open-network
Toncoin (TON) $ 6.16 2.29%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 1.70%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,033.40 0.19%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,202.31 0.61%
polkadot
Polkadot (DOT) $ 9.16 2.65%
chainlink
Chainlink (LINK) $ 18.46 5.56%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.53 1.30%
weth
WETH (WETH) $ 3,406.24 0.03%
sui
Sui (SUI) $ 3.43 0.18%
pepe
Pepe (PEPE) $ 0.00002 1.18%
near
NEAR Protocol (NEAR) $ 6.85 4.26%
leo-token
LEO Token (LEO) $ 8.11 6.49%
litecoin
Litecoin (LTC) $ 97.80 2.13%
uniswap
Uniswap (UNI) $ 11.42 3.67%
aptos
Aptos (APT) $ 12.49 1.70%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,589.35 0.07%
internet-computer
Internet Computer (ICP) $ 12.29 7.01%
hedera-hashgraph
Hedera (HBAR) $ 0.144379 3.63%
usds
USDS (USDS) $ 1.00 0.00%
crypto-com-chain
Cronos (CRO) $ 0.189168 2.17%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.568869 0.48%
ethereum-classic
Ethereum Classic (ETC) $ 29.30 0.92%
render-token
Render (RENDER) $ 7.98 0.01%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.50 2.62%
bittensor
Bittensor (TAO) $ 529.03 0.09%
kaspa
Kaspa (KAS) $ 0.154082 0.76%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
arbitrum
Arbitrum (ARB) $ 0.866292 0.48%
whitebit
WhiteBIT Coin (WBT) $ 24.45 1.07%
bonk
Bonk (BONK) $ 0.000047 0.48%
dai
Dai (DAI) $ 1.00 0.06%
vechain
VeChain (VET) $ 0.042887 1.03%
filecoin
Filecoin (FIL) $ 5.66 1.41%
cosmos
Cosmos Hub (ATOM) $ 8.69 3.11%
celestia
Celestia (TIA) $ 7.87 9.66%
okb
OKB (OKB) $ 56.09 0.22%
blockstack
Stacks (STX) $ 2.24 6.86%