CandleFocus Senator Warren Slams Citibank's Ongoing Failures — Suggests Breaking up Citi
2024-10-05
Author: Content Editor
US Senator Elizabeth Warren has called on the acting head of the Office of the Comptroller of the Currency (OCC) to take action against Citibank's long-standing operational failures. In a letter, Warren stated that Citibank may be "too-big-to-manage" and cited years of regulatory missteps and mishandled reforms. She suggested that breaking up the bank could be necessary and criticized the OCC for its lack of decisive action. Despite multiple regulatory actions and penalties, Citibank continues to struggle, failing stress tests and violating Federal Reserve rules. Warren emphasized that Citibank has failed to make sufficient progress and called for a potential breakup of the bank.
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