, the beauty and cosmetics company, one day after it was hit by a lawsuit over restructuring tactics.
Citi has filed suit against Brigade Capital Management, LP, a lender to Revlon, claiming that Brigade is refusing to turn over $175 million it received in mistaken loans for Citi and has instead put the loans to work for its own purposes. The investment by Citi is intended to protect against similar mistakes, a top focus of the bank, Mason added.
"I cannot emphasize enough, there is no greater priority for the entire management team than getting to what we would characterize as a best-in-class risk and control environment," he said. "Simply put, fundamentally transforming our operating environment and strengthening our infrastructure risk and controls is a strategic priority for the firm.
"Investments in digital self-service platforms that deepen client engagement while lowering our cost to serve, investments in infrastructure and process reengineering, as well as organizational structure and footprint optimization," Mason said.
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