Internal controls

Citigroup offers first hint of price tag for risk overhaul

12/09/20

The company’s noninterest expenses are expected to rise more than $500 million next year, largely because of a revamp of risk management and internal controls mandated by regulators.

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Citi details risk system triage

11/10/20

“We’re going to be looking at … what caused us to not be able to close some of these gaps in the past,” Citigroup's new Chief Administrative Officer Karen Peetz says of the effort to fix shortcomings in internal controls that have plagued the company for years.

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Citi execs silent on cost of risk overhaul

10/13/20

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

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Results-driven Fraser just the ticket for fixing Citi, associates say

09/21/20

Jane Fraser, who is poised to become the first woman to lead a major U.S. bank, possesses turnaround experience and strong interpersonal skills that make her well suited for mending fences with regulators and investors, according to present and former colleagues.

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Citi using Revlon snafu to fix risk management

09/14/20

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment.

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Equity Bancshares in Kan. discloses material weakness tied to internal controls

11/13/19

The issue, tied to how the company reconciles corporate accounts to its general ledger, is not expected to impact past financial statements.

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Weakness in internal controls surfaces at Valley National

03/02/18

The New Jersey bank did not say exactly what the problem was, but it is beefing up how allegations of financial-reporting violations are reported to upper management.

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Wells Fargo hits two milestones on road to fix corporate governance

03/01/18

Wells Fargo, which has been told by the Fed that it needs to improve its governance and controls, on Thursday received an important thumbs-up from its outside auditor and also named the four senior directors who will retire next month.

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An extra $1.6M in profits this bank wishes it hadn't found

11/29/17

Malvern Bancorp’s restatement of nearly four years of results worked out in its favor, but it had to acknowledge — and explain — the reason: Outside accountants spotted a problem in its financial-reporting controls.

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Franklin Financial, Civic delay deal for third time

10/06/17

The $30 million acquisition has hit a snag over problems with Franklin’s commercial real estate portfolio.

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