Now, the Fed’s action on Wednesday is already prompting calls for another round of changes at the top of the bank’s management.
“There’s no question in our minds that heads should roll,” Mr. Mayo said.
The Fed said that while Citigroup had made progress in the areas of “risk-management and control practices,” its capital planning process “reflected a number of deficiencies.”
The Fed also said that Citigroup had failed to make “sufficient improvement” in certain areas that supervisors had previously identified as “requiring attention.”
In addition to Citigroup, the Fed rejected the capital plans of the American units of three international banks: HSBC, Santander of Spain and the Royal Bank of Scotland, which operates under the Citizens Bank brand in the United States. Read the whole story here http://dealbook.nytimes.com/
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