(Reuters) – Citigroup added a new section to its quarterly report filed with the U.S. Securities and Exchange Commission in August relating to the multi-year reorganization after the market regulator made related inquiries.

The SEC’s letter to Citi, sent in June and released Wednesday, asked the bank to revise future filings.

In July, U.S. banking regulators fined Citi $136 million for making “insufficient progress” in fixing data management issues identified in 2020 and required the bank to demonstrate that it was making sufficient efforts.

“This new section discusses Citi’s broader transformation efforts, which include efforts to implement the FRB and OCC consent orders of October 7, 2020,” the lender responded in a July 10 letter to the SEC that was released Wednesday.

Citigroup CEO Jane Fraser is currently conducting a comprehensive restructuring to improve the bank’s performance, cut costs and simplify its sprawling business units.

As part of the turnaround, Citi plans to reduce its workforce by 20,000 jobs over the next two years.

“While we have made good progress in simplifying our business and processing our settlement agreements, there are areas where we have not moved quickly enough,” Fraser said after the regulatory action was announced.

As part of its efforts to improve regulatory disclosures, the bank has also added a section to its second-quarter report discussing consent orders for 2024.

(Reporting by Manya Saini in Bengaluru)