A top US banking regulator is preparing to hand Citigroup a failing grade on its living will plan, the latest rebuke for the megabank that has struggled to stay in the government’s good graces.
The Federal Deposit Insurance Corporation’s five-member board intends to vote on 20 June to downgrade its rating on Citi’s data management systems to a “deficiency” from a “shortcoming,” people familiar with the matter said. The FDIC and the Federal Reserve had flagged the shortcoming in 2022 after a review of the resolution plan.
