Tuesday Sept 15 2020
Federal Regulators wil reprimand CITI over its risk management system.
CEO Michael Corbat will step down leaving tehjob to Jane Fraser. Corbat retires in February.
We study risk management and governance in Audit 4311 and ACCT 5308. How is it that one of the four big banks could fail such an obvious issue? Where have the regulators been?
The rebuke will be a consent order requiring CIT to fix its risk systems.
As I say I never run out of new material for this class.
Professor Elam 
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