Reported 5 months ago
UK regulators have fined Citigroup £61.6 million ($78.5 million) for control failings in its trading operations, with one of the biggest sanctions ever for system breaches that led to a sudden drop in European stocks. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) fined Citigroup for failings between April 2018 and May 2022, with the most significant incident being a $444 billion order mistaken for $58 million in May 2022, causing $1.4 billion in mistaken sell orders. Despite repeated warnings to improve controls, Citigroup's electronic trading system generated erroneous orders due to primary control failings, resulting in the substantial fine.
Source: YAHOO