US regulators reject Citi’s ‘living will’ resolution plan, FT reports

June 20 (Reuters) – U.S. banking regulators rejected Citigroup’s (C.N), opens new tab so-called “living will”, which is a detailed plan to wind itself down in the event of catastrophic failure, The Financial Times reported on Thursday.

In a closed-door meeting, the majority of the Federal Deposit Insurance Corporation’s (FDIC) five-member board voted to reject Citi’s resolution plan, calling the bank’s data controls “deficient”, according to the report.