Citigroup was fined $400 million by federal authorities for problems with its risk management controls.
Citigroup also was ordered by the Office of the Comptroller of the Currency to seek its approval before making any "significant new acquisitions."
The OCC also said it reserved the power to make changes at the bank's senior management if Citigroup doesn't institute effective risk management and internal controls quickly enough.
The Federal Reserve, meanwhile, issued a cease-and-desist order that order Citigroup to “correct practices previously identified by the Board in the areas of compliance risk management, data quality management, and internal controls.”
This comes after Citigroup announced that it would resume laying off some of its workforce in mid-September.
The cuts impacted less than 1% of the global workforce, and likely will be offset by recent hiring for other positions throughout the company, the bank said in a statement. The bank said it has hired more than 26,000 people globally this year.
Jim Cramer said now isn't the moment to sell Citi stock. Watch the video above for more.
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