Citi Hits Snag With China Plans as Regulators Flag Data Issue

Citi's plan to expand in China has reportedly hit a regulatory bump in America. The trouble stems from a penalty levied by the Federal Reserve against the banking giant over its data management and risk controls, Bloomberg News reported Monday (Sept. 23), citing sources familiar with the matter. According to the report, Citi faces delays in establishing a standalone securities office because it hasn't yet gotten a clearance letter from the Fed verifying its regulatory standing, something required by the gov ...