CEO of Citigroup Jane Fraser testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on Capitol Hill on September 21, 2022 in Washington, DC.Alex Wong | Getty ImagesCitigroup needs to address weaknesses in how it manages financial data, according to a review of the biggest banks’ so-called living will plans, U.S. banking regulators said Wednesday.The New York-based bank’s issues could hurt its ability to produce accurate reports in times of duress, and that could hamper its ability to successfully execute resolution planning, the Federal Reserve and the Federal Deposit Insurance Corporation told the bank in a letter.related investing news As Coinbase shares slide, Morgan Stanley lists major firms with potential FTX exposure13 hours agoThe biggest and most important U.S. banks have to submit detailed plans to regulators that explain how they can be quickly unwound in the event of a massive disruption or bankruptcy, part of the reforms that emerged from the 2008 financial crisis. In a previous round, six companies including Bank of America, Wells Fargo and Morgan Stanley were found to have shortcomings in their ability to produce data, but the firms addressed those concerns, the regulators said.For the latest review, Citigroup was the only …
