Regulators are expected to reprimand Citigroup for its faulty risk management system, which works to detect problematic transactions, risky trades and other such issues, and that has apparently sped up retirement plans for Chief Executive Michael Corbat, according to a report in The Wall Street Journal.
Corbat was expected to keep serving in his position for several more years, but will now be stepping down in February, Citi announced.
Citing sources, the news outlet reported that while regulators didn’t ask Corbat to retire, the CEO came to believe the costly, years-long overhaul of the risk system would be a job best fit for his successor, Jane Fraser. Read the complete article HERE.
