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How Citi’s error-riddled loan reports led to a $136mn fine

Penalty shows how chief executive Jane Fraser is struggling to resolve chronic issues plaguing the bank.

The Financial Times

Jane Fraser, CEO of Citigroup, testifies during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC. The committee heard testimony from the largest financial institutions during an oversight hearing on Wall Street firms.
Citi chief executive Jane Fraser. Photo by Win McNamee/Getty Images
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25 July 2024 by Stephen Gandel in New York and Ortenca Aliaj in London

Citigroup inaccurately reported to regulators the details of tens of billions of dollars of loans, errors that could complicate its ability to fund dividends and buybacks.

The flawed loan files were a primary reason regulators slapped

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