Citi’s Corbat Asked to Prove His Bank Isn’t the Next Wells Fargo
- CEO also faces calls to move up retirement on contentious call
- Lender is embarking on costly effort to clean up its systems
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A public slap from regulators, new limits on dealmaking and a surprise handover of the CEO reins all made for plenty to talk about on Citigroup Inc.’s earnings call.
The recent swirl of news surrounding the bank has investors and analysts feeling anxious. It’s even led to a bit of deja vu, with the worry that Citigroup is in for a round of regulatory oversight similar to what rival Wells Fargo & Co. has spent years trying to work through, with a Federal Reserve-imposed asset cap that’s caused the company to miss out on at least $4 billion in profits.