Citigroup's plans to set up a standalone securities firm in China have hit a snag due to a lack of clearance from U.S. regulators, who cited the bank's unresolved data management and risk control issues, according to a Bloomberg report.
The New York-based bank was fined $136 million in July for failing to resolve its long-standing data management problems. The Federal Reserve and Office of the Comptroller of the Currency (OCC) imposed the fines due to the "insufficient progress" in fixing these issues and controlling risk factors.
