Citigroup Slammed With Massive Fine

On Thursday, US banking regulators fined Citigroup $400 million.
Business Insider reports the fine are for "longstanding failure" to fix its data and risk management systems.
Under the order, Citigroup is mandated to seek regulatory approval before making any significant acquisitions.
The enforcement against the bank was declared by the Office of the Comptroller of the Currency and the Federal Reserve.
Citibank allegedly fell short of taking "prompt and effective actions to correct practices" in its risk management and internal controls.
Thursday's fine is the second penalty slapped on Citigroup in recent weeks.