Citigroup's China expansion hits US regulatory hurdle

Citigroup's China expansion hits US regulatory hurdle

FILE PHOTO: A worker exits the Citi Headquarters in New York, U.S., January 22, 2024. REUTERS/Brendan McDermid/File Photo

Citigroup’s expansion plan in China has hit a roadblock with U.S. regulators after the Federal Reserve imposed a penalty on the bank for its data management and risk controls, Bloomberg News reported on Sunday.