Citigroup Clears Regulatory Hurdle as OCC Withdraws Amendment
Citigroup Inc. shares rose 1.6% to $113.24 intraday after U.S. regulators lifted a 2024 amendment tied to its 2020 consent order. While the core order remains, the MOVE signals progress in the bank’s multiyear effort to overhaul risk controls and compliance systems.
The Office of the Comptroller of the Currency’s decision marks measured relief for Citi, which has faced heightened scrutiny since its $400 million 2020 penalty for operational failures. CEO Jane Fraser’s transformation plan—prioritizing system modernization and governance—appears to be gaining regulatory traction.
Investors rewarded the incremental win, though challenges persist. Citigroup’s stock has outperformed the S&P 500 over five years, reflecting Optimism about its restructuring. 'Compliance isn’t a destination—it’s a muscle that must keep strengthening,' noted Wells Fargo analyst Mike Mayo.
