Regulators Prepare to Scold Citigroup for Failure to Improve Risk Management Systems

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Federal regulators are preparing to reprimand Citigroup Inc. for failing to improve its risk management systems – a vast set of technologies and procedures designed to detect problematic transactions, risky transactions and anything that could harm the bank.

The expected reprimand from the Office of the Comptroller of the Currency and the Federal Reserve has accelerated retirement planning for Managing Director Michael Corbat, according to people familiar with the matter. The regulators did not ask Mr. Corbat to resign, people …

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