Citigroup's CFO Just Provided an Update About the Bank's Regulatory Consent Order
Since federal regulators issued a consent order to Citigroup (NYSE: C) relating to the company's internal controls, investors have been wondering how long it will take and how much money will be needed to remediate the issues. While there have been few details since the order became public in October, Citigroup's CFO Mark Mason provided perhaps the best update so far at the Goldman Sachs 2020 U.S. Financial Services Conference.
Mason said the multi-year strategy to address the consent order will likely result in the company's expenses being up a "couple percent" in 2021. Total operating expenses for Citigroup in 2020 are slated to come in around $76.5 billion.
Image source: Citibank.
Source Fool.com
