Citigroup Fined for Risk Management Problems

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Another week goes by, and another bank is fined. (I swear I’m not trying to beat up on banks, but they keep providing fodder).

Citigroup is the latest to be fined $400 million for engaging in “unsafe and unsound banking practices”…ouch.

Risk management and back office operations are clearly in need of attention and perhaps it’s an entire industry attitude problem to risk management that needs to be addressed.