(Reuters) – Citigroup said on Tuesday it will redouble its efforts to automate certain processes and data related to regulatory reporting, and is committed to investing in its risk and control environment in the near term.
The lender has been facing some regulatory challenges tied to its so-called living will that details how the firm would be unwound in the event of bankruptcy.
The board of the Federal Deposit Insurance Corp, a top banking regulator, plans to vote on Thursday to downgrade its rating on Citi’s data-management systems to a “deficiency” from a “shortcoming”, Reuters reported on Monday.
Citi CEO Jane Fraser will give opening remarks in an investor day on Tuesday, highlighting the strategy for its services business, which helps to manage payments and liquidity for multinational corporations.
She will be followed by Chief Financial Officer Mark Mason and Shahmir Khaliq, who leads services.
The presentations will allow investors “to dive deeper into a business that is at the heart of our strategy and unmatched global network,” Fraser said in a statement before the event.
Services is Citigroup’s most profitable division and is central to Fraser’s turnaround strategy. The business generates about 20% of Citi’s revenue.
(Reporting by Tatiana Bautzer in New York and Niket Nishant in Bengaluru; Editing by Lananh Nguyen, Sriraj Kalluvila and Krishna Chandra Eluri)
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