Citigroup (C) is seeking to accelerate efforts to meet long-standing regulatory requirements so it can refocus on growth, Reuters reported, citing two people familiar with the matter.

The bank plans to submit a comprehensive audit to the Federal Reserve and the Office of the Comptroller of the Currency, potentially before year-end or in Q1, one source told Reuters.

Citi would then begin winding down part of its remediation structure, although lifting the consent orders remains at regulators' discretion, according to the report.

The orders date to 2020, when regulators required Citi to address risk management and data governance weaknesses following a mistaken $900 million transfer to Revlon creditors, Reuters reported.

It added the bank was fined $400 million that year and received another penalty from the OCC in 2024 over delays in fixing data problems.

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.)