The bank caught many analysts off-guard when it announced this September that Corbat would be retiring in February 2021. Corbat's departure came after it became clear regulators were losing patience with his inability to fix risk, compliance, and technology systems,Jane Fraser, the bank's president and CEO of its consumer banking division, was named Corbat's successor, making her the first woman to serve as the chief executive of a major US bank.
Citigroup had not caused "widespread consumer harm" and "did not profit from the activities," Corbat said. Earlier this year, Wells Fargo agreed to pay regulators "Where is the sense of urgency?" Mayo asked. "Speaking on behalf of investors, people I speak with, there's a collective sense of extreme disappointment with technology, the new regulatory order in tech, the route problems were not transparent to investors."
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