04:12 AM EDT, 10/15/2024 (MT Newswires) -- Citigroup ( C ) has faced challenges in adequately training employees in risk, compliance and data positions, potentially contributing to delays in the resolution of regulatory issues despite significant investments, Reuters reported Tuesday, citing the bank's own assessment report.

An internal assessment, a portion of which was seen by Reuters, revealed a shortage of skilled personnel and inadequate training tools.

The bank has been under two consent orders for the last four years and must address these issues to lift the decrees, Reuters reported.

Separately, four sources familiar with the matter told Reuters that in September 2023, CEO Jane Fraser's initiative to simplify operations led to layoffs, which further complicated the situation.

"We continue to invest heavily in talent and training to ensure we have the right people and expertise in critical areas such as data, risk, controls and compliance," the bank reportedly said in a statement.

Citi did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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