The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority have fined Citigroup Global Markets over a $1.4bn trading error.
Following two parallel investigations, the investment bank has been fined a total of £61.6m, including a £27.8m penalty from the FCA and a £33.9m fine from the PRA. In a statement, the FCA said it had found that failures in the firm's systems and controls led to $1.4bn of equities being sold in European markets when they should not have been. Ex-Barclays CEO James Staley fined and banned by FCA over ties to Jeffrey Epstein On 2 May 2022, a CGML trader intended to sell a $58m basket of equities but mistakenly created a $444bn order. While the firm's controls blocked $255bn of the ba...
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