Citi to boost risk and control investment after operational error: CFO By Reuters

Citi to boost risk and control investment after operational error:

© Reuters. The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto

(Reuters) – Citigroup Inc (N:) Chief Financial Officer Mark Mason said on Monday the bank was accelerating investments in its risk and control functions following a high-profile $900 million operational error.

The bank has planned $1 billion in incremental investments this year to shore up the bank’s infrastructure and improve risk management and compliance, Mason said at an investor conference.

For the third quarter, the bank expects to continue adding to its reserves for loan losses in light of a weaker economic outlook due to the ongoing coronavirus pandemic.

However, the build is likely to be significantly lower than in the first half of the year when the bank set aside over $7 billion a quarter for potential losses.

Overall, the bank forecasts quarterly revenue to decline in the high single digits compared to last year due to lower interest rates and a slowdown in investment banking and consumer activity.

Trading continued to be a bright spot, showing low double-digit growth for the quarter, Mason said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.