Is Citibank Recovering From Its Billion-Dollar Slip-up?


Citibank was at the center of worldwide scrutiny when it accidentally sent billions of dollars to Revlon's lenders with its bank money. Citibank filed a case to recover the funds. After a lengthy investigation, the court dismissed it. The bank has since stated that it is undergoing a restructuring. In 2021, Citibank ceased consumer banking in over 13 countries. Most of these are due to acquisitions or mergers. CEO Jane Fraser stated that the second quarter may not be promising on paper, but they were able to return over two billion dollars in capital to shareholders.