(Reuters) – Citigroup Inc added a new section on its multi-year reorganization to its quarterly report to the U.S. Securities and Exchange Commission in August following inquiries from the markets regulator.
In its letter to Citi, sent in June and unsealed on Wednesday, the SEC asked the bank to review future filings.
In July, US banking regulators fined Citi $136 million for “insufficient progress” in fixing data management issues identified in 2020, and demanded the bank demonstrate it was making sufficient efforts.
“This new section will discuss Citi’s broader transformation efforts, which also include efforts to implement the Federal Reserve and Office of the Comptroller of the Currency’s approval orders issued on October 7, 2020,” the lender responded to the SEC in a July 10 letter, which was disclosed Wednesday.
Citigroup CEO Jane Fraser is carrying out a sweeping overhaul in a bid to improve the bank’s performance, cut costs and streamline its sprawling business.
As part of the transformation, Citi aims to reduce its workforce by 20,000 employees over the next two years.
“While we have made good progress in streamlining our company and processing our consent orders, there are areas where we have not made progress quickly enough,” Fraser said after the regulatory action was unveiled.
The bank also added a section discussing 2024 consent orders to its second-quarter report, as part of its efforts to enhance regulatory disclosures.
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