Citigroup's China Expansion Plans Stalled Amid Regulatory Probes

Citigroup Inc.’s (C) plan to expand in China has met a snag with the U.S. regulators after the Federal Reserve imposed a penalty on the bank related to its data management and risk controls, per a Bloomberg report.The bank is currently awaiting a clearance letter from the U.S. Federal Reserve, which is required by Chinese authorities to verify Citigroup's regulatory standing. Without this letter, the bank cannot proceed with its plans to set up a standalone securities firm in China.The difficulties arose wh ...