Here's how months of tension between Citigroup and its regulators over the bank's tech and risk systems boiled over into the CEO's early retirement
Your efforts since the start of the current crisis have gone a long way to supporting one of my overarching goals as CEO—that Citi be seen as an indisputably strong and stable institution. Central to that goal is ensuring we have a risk and control environment that is best in class. We are the world's most global bank, and we have to meet the obligations that come with that title, especially in terms of safety and soundness.
One thing has become very clear to me through Karen and Mary's initial observations, Jane and Paco's perspectives, as well as the survey: we need to think about infrastructure and controls very differently. We can't think of them as just something that is important to our regulators. It's not about getting remediation projects done or checking boxes.
Drive it until it breaks?
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