US Senator Warren Urges Growth Limits on Citi

Senator Elizabeth Warren has urged regulators to impose growth constraints on Citigroup owing to continuous regulatory concerns.

In a letter to Michael Hsu, the Acting Comptroller of the Currency, Elizabeth Warren emphasised Citi’s long-standing difficulties, which underscore the company’s incapacity to manage operations properly. She cited the bank’s failure to address issues raised by regulators in 2020, when the OCC and Federal Reserve penalised Citi USD 400 million for risk management failures. Warren encouraged Hsu to impose stronger regulations to limit Citi’s growth, consistent with his 2023 speech on dealing with repeat violators. While Citi’s leadership has vowed compliance, Warren’s appeal has increased pressure on regulators to act.