Citigroup was singled out by a global watchdog for adopting 700 legal entity identifiers for its units at a time when few other banking giants are opening a window into their overall risk exposure.
Only 6.2 percent of banks worldwide provide their ultimate parents when registering for the 20-digit barcodes intended to help firms identify the potential impact of risks rippling across their entire organization, the Financial Stability Board said in a recent report.
Citi, the third largest US bank by assets, “has a process to keep this data up-to-date for the benefit of their clients, counterparties and other stakeholders,” the report said. “This group also feeds LEI hierarchy information on other entities."
Citi's adoption of 700 legal entity identifiers lauded by Financial Stability Board
24 June 2019 9:10pm