8chan/8kun QResearch Posts (3)
#10970498 at 2020-10-07 22:28:39 (UTC+1)
Q Reserach General #14033: Countdown Edition
Citigroup Hit With $400 Million Fine Over AML Failures That Led To Mike Corbat's Downfall
The Comptroller of the Currency has finally handed down its punishment for the compliance failures that helped bring about an end to the tenure of Citibank CEO Michael Corbat.
After Citi announced that Corbat would be replaced by Jane Fraser, who will soon become the first CEO of an American megabank, it was revealed that the Office of the Comptroller of the Currency was preparing to fine Citigroup for compliance failures that had apparently become part and parcel of Corbat's executive blindness - an issue he had neglected, that ultimately lead to his downfall - or at least that's what we've taken from the press reports.
On Wednesday evening, Bloomberg reported that Citi had struck a deal with the OCC and the Fed to fix several "longstanding compliance problems" involving its risk-control and reporting measures.
As part of the deal, Citi will pay a $400 million fine. It's a slap on the wrist, but news of the settlement hit Citi's shares after hours (though at least the Feds had the decency to wait until after the close to break the news). The bank's board must also now submit a report as part of the deal outlining how it intends to fix these problems.
Citigroup Inc. has agreed to pay $400 million and must seek the government's sign-off for major acquisitions after regulators identified several longstanding problems with its risk controls.
Citigroup Inc. has agreed to an order from the Federal Reserve to fix several longstanding problems with its risk controls, according to a statement released Wednesday. The Fed's cease-and-desist order issued alongside a related sanction from the Office of the Comptroller of the Currency directs the lender to "correct practices previously identified by the Board in the areas of compliance risk management, data quality management, and internal controls." Citigroup was given a series of deadlines to analyze and report back to the Fed on how it's fixing issues identified by the regulator. Within 120 days, the bank's board of directors must submit a report detailing how it will hold senior management accountable and how executive compensation will be "consistent with risk management objectives," the Fed said.
At the same time, the Federal Reserve issued a cease-and-desist order that directs the lender to "correct practices previously identified by the Board in the areas of compliance risk management, data quality management, and internal controls."
As Bloomberg explained, the deal is just one more costly misstep for the bank, as it must now divert money away from lucrative technology investments and building out its cutting edge high frequency trading capabilities and instead hire more compliance officers who will hide in a basement in Sarasota or where ever and crank out SARs, as the FinCEN leaks revealed.
The bank noted it's made structural changes to better comply with the regulators' orders, including by hiring Karen Peetz as its new chief administrative officer to "steer these programs to completion."
The orders come just weeks after Citigroup mistakenly sent $900 million to lenders of the cosmetics giant Revlon Inc. The bank ultimately chalked the wayward payment up to employee error, noting it was in the middle of transitioning to new software for its syndicated loan business.
The ensuing legal battle was an embarrassment for the bank as many of the lenders balked at Citigroup's pleas to return the funds. For regulators, who began scrutinizing the mistaken payment within days, the incident was illustrative of broader problems at the bank.
"We appreciate the urgency of the tasks at hand and we are committed to fulfilling our obligations to all of our stakeholders," Citigroup said in the statement.
The fine may be a slap on the wrist, but Citi has already pledged to spent $1 billion on these costs this year. How much more will the bank be required to spend?
https://www.zerohedge.com/markets/citigroup-hit-400-million-fine-over-aml-failures-led-mike-corbats-downfall
We don't want numbers on a screen we want arrests and accountability, END THE BANKING CARTELS
#4704183 at 2019-01-11 03:29:51 (UTC+1)
Q Research General #6003: Humans 1988 Edition
>>4704173
Resignations in the news 1/7/2019 - part 2
Macromill Inc.: Notice Regarding Change (Resignation) of Executive Officer
https://www.prnewswire.com/news-releases/macromill-inc-notice-regarding-change-resignation-of-executive-officer-853880911.html
Cutera CEO resigns after results 'dissatisfied' board
https://www.marketwatch.com/story/cutera-ceo-resigns-after-results-dissatisfied-board-2019-01-07
Kermit Skinner retires
https://www.thecoastlandtimes.com/2019/01/07/kermit-skinner-retires-helluva-ride/
Oakridge teacher resigns amid misconduct investigation
https://fox17online.com/2019/01/07/oakridge-teacher-resigns-amid-misconduct-investigation/
Accuride names interim CEO after Dauch resignation
https://www.courierpress.com/story/news/local/2019/01/07/evansville-based-accuride-names-interim-ceo-after-dauch-resignation/2506746002/
Karen Peetz to retire from Wells Fargo board
https://www.businessinsider.com/r-Karen-Peetz-to-retire-from-wells-fargo-board-2019-1
SFWMD board member Melanie Peterson and general counsel Brian Accardo resign
https://www.tcpalm.com/story/news/local/indian-river-lagoon/politics/2019/01/07/sfwmd-leaders-resign/2503206002/
Region 8 police chief resigns
http://www.kait8.com/2019/01/08/region-police-chief-resigns/
Retiring Polk County Sheriff Barb Erdman celebrated Friday at reception
http://www.crookstontimes.com/news/20190107/retiring-polk-county-sheriff-barb-erdman-celebrated-friday-at-reception
Meteorologist fired amid outcry over on-air racial slur
https://13wham.com/news/local/whec-meteorologist-fired-after-on-air-racial-slur-leads-to-outcry-from-mayor
Boaz Gilad Resigns From Brookland After Being Edged Out by Bondholders
https://commercialobserver.com/2019/01/boaz-gilad-resigns-from-brookland-after-being-edged-out-by-bondholders/
ESSA Architect Sen. Lamar Alexander to Retire
https://www.the74million.org/article/this-weeks-essa-news-essa-architect-sen-lamar-alexander-to-retire-testing-exams-for-innovative-assessment-pilot-program-more/
Paul Canik resigns from Killian Council, cites "conflicting ideas" with mayor, Board of Aldermen
https://www.livingstonparishnews.com/news/paul-canik-resigns-from-killian-council-cites-conflicting-ideas-with/article_0b84778a-12c1-11e9-95d3-1b41fa4aeb7d.html
Georgia Tech President Peterson retiring
https://www.bizjournals.com/atlanta/news/2019/01/07/georgia-tech-president-peterson-retiring.html
McKenna to replace retiring Stopera as CAP COM president
https://www.saratogian.com/news/local-news/mckenna-to-replace-retiring-stopera-as-cap-com-president/article_b1248788-129a-11e9-8f14-2fc7870ecee2.html
Penn retiring as Englewood Chamber of Commerce director
http://englewoodherald.net/stories/penn-retiring-as-chamber-of-commerce-director,275019
Christchurch's Cashmere High School principal Mark Wilson resigns
https://i.stuff.co.nz/national/education/109770276/christchurchs-cashmere-high-school-principal-mark-wilson-resigns
Two Westhampton Beach DPW Leaders Retire
http://www.27east.com/news/article.cfm/Westhampton-Beach-Surrounding-Areas/580248/Two-Westhampton-Beach-DPW-Leaders-Retire-After-More-Than-Three-Decades-In-Department
Mississippi State provost to retire in June
https://www.bizjournals.com/atlanta/news/2019/01/07/georgia-tech-president-peterson-retiring.html
#4656284 at 2019-01-08 04:08:29 (UTC+1)
Q Research General #5941: Moar of that Ginger Bread Edition
Karen Peetz to retire from Wells Fargo board
(Reuters) - Wells Fargo & Co (N:WFC) said on Monday board member Karen Peetz has decided not to stand for reelection after roughly two years on the board. The fourth-largest U.S. bank by assets also said it has elected Wayne Hewett to join the board.
Peetz was named to the board in February of 2017 and chaired the risk committee, a key position as Wells Fargo works to prove that it has improved its risk management controls. The former president of Bank of New York Mellon Corp (N:BK) is stepping down to devote more time to other commitments, the statement said. She will retire as director during the company's annual shareholder meeting in April.
Enhancing its risk controls is a priority for the bank after a series of scandals stemming from its sales practices landed the bank under public and regulatory scrutiny. Revelations that Wells Fargo opened up potentially millions of unauthorized accounts has resulted in billions of fines for the bank and a punitive cap on assets from the Federal Reserve. Hewett is currently chairman of industrial manufacturing company DiversiTech Corporation and has experience with medical devices, food and electronics, the statement said. "Wayne brings a unique and relevant background to Wells Fargo's business and strategic direction, further enhancing the breadth of skills and experience of our board," said President and Chief Executive Tim Sloan.
https://m.investing.com/news/stock-market-news/Karen-Peetz-to-retire-from-wells-fargo-board-1740039?ampMode=1