In this piece, we will take a look at the 15 biggest holding companies in the world. For more companies, head on over to 5 Biggest Holding Companies in the World. A holding company is quite common in the business world, especially when it comes to large firms operating in lucrative industries such as finance. […]
According to a review, Citigroup Group Inc (NYSE: C) needs to address the shortcomings in managing financial data that could sometimes hurt its ability to produce accurate financial reports. “Issues regarding the Covered Company’s data governance program could adversely affect the firm’s ability to produce timely and accurate data and, in particular, could degrade the timeliness and accuracy of key metrics that are integral to the execution of the firm’s resolution strategy,” the agencies told C
US regulators identified “serious weaknesses” in Citigroup’s data management as part of a plan detailing how the bank could be wound up in the event of a crisis, in the latest regulatory headache for the Wall Street group. In a review by the Federal Reserve Board and the Federal Deposit Insurance Corporation, the two banking regulators said on Wednesday there were questions as to whether Citi would be able to produce accurate financial information during periods of financial stress. If the issues with Citi’s plan, which was submitted in 2021, are not corrected, the bank could face “additional [regulatory] requirements”.