Citi to boost risk and control investment after operational error: CFO

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 66%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Citigroup Inc Chief Financial Officer Mark Mason said on Monday that the bank is accelerating investments in its risk and control functions ...

NEW YORK: Citigroup Chief Financial Officer Mark Mason said on Monday the bank was accelerating investments in its risk and control functions following a high-profile US$900 million operational error.

The bank has planned US$1 billion in incremental investments this year to shore up the bank's infrastructure and improve risk management and compliance, Mason said at an investor conference.For the third quarter, the bank expects to continue adding to its reserves for loan losses in light of a weaker economic outlook due to the ongoing coronavirus pandemic.

However, the build is likely to be significantly lower than in the first half of the year when the bank set aside over US$7 billion a quarter for potential losses. Overall, the bank forecasts quarterly revenue to decline in the high single digits compared to last year due to lower interest rates and a slowdown in investment banking and consumer activity.Advertisement

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Citi accelerates risk and control investment: CFOCitigroup Inc Chief Financial Officer Mark Mason said on Monday that the bank is accelerating investments in its risk and control functions ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Citi accelerates risk and control investment: CFOCitigroup Inc Chief Financial Officer Mark Mason said on Monday that the bank is accelerating investments in its risk and control functions ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China investment to Australia drops for third year as ties fraySYDNEY (BLOOMBERG) - Chinese investment to Australia last year dropped for the third straight year, researchers reported on Sunday (Sept 13), a further sign of the impact of souring economic and diplomatic ties.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »