Citi fined $79 mln by UK regulators over trading failures

LONDON, May 22 (Reuters) – UK regulators fined Citigroup (C.N), opens new tab 61.6 million pounds ($78.5 million) for controls failings in its trading operations, one of the biggest sanctions for systems breaches, which in one case saw the Wall Street firm cause a sharp fall in European stocks.

Problems at Citigroup Global Markets Limited (CGML) “crystallised into trading incidents” the Prudential Regulation Authority (PRA) said in a statement on Wednesday outlining the findings of its investigation.

The PRA and Financial Conduct Authority (FCA), the markets watchdog, both probed and fined Citigroup over the failings that spanned from April 2018 through May 2022.

“Firms involved in trading must have effective controls in place in order to manage the risks involved,” said Sam Woods, CEO of the PRA and the Bank of England’s deputy governor for prudential regulation. “CGML failed to meet the standards we expect in this area, resulting in today’s fine.

Source: REUTER