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Federal banking regulators on Wednesday fined Citigroup Inc. $400 million and ordered the nation’s third-largest bank to fix its risk-management systems, citing “significant ongoing deficiencies.”
In a consent order agreed to by the New York bank’s board, the Federal Reserve faulted Citigroup for falling short in “various areas of risk management and internal controls” including data management, regulatory reporting and capital planning. The Office of the Comptroller of the Currency said the fine was punishment for the bank’s…