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Citi Is Rethinking Racial Audits Dimon Dismisses as Bureaucracy

  • CEO Jane Fraser says they’ll reconsider after attempt to block
  • JPMorgan’s Dimon calls such audits ‘bureaucracy and B.S.’
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Citi Rethinking Rebuff of Racial Audit, CEO Fraser Says
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Citigroup Inc. said it’s reconsidering a shareholder proposal requiring its board oversee an audit analyzing its adverse impacts on communities of color -- a measure which drew sharp reproach from JPMorgan Chase & Co.

Nearly 40% of Citigroup shareholders voted in favor of such an audit during the firm’s annual meeting last month. Even though Citigroup’s board recommended investors vote against the proposal and it failed, Chief Executive Officer Jane Fraser said Thursday while testifying before the House Committee on Financial Services that the bank is considering it once again.