Within 120 days, the bank's board of directors must submit a report detailing how it will hold senior management accountable and how executive compensation will be "consistent with risk management objectives," the Fed said. The orders mean the bank will be embarking on another round of costly, years-long investments in its risk infrastructure and controls just as Jane Fraser takes the helm as chief executive officer in February. "Citi has significant remediation projects underway to strengthen our controls, infrastructure and governance," the bank said in a statement.