The Strategist

UK watchdogs fine Citigroup £61.6 mln

05/24/2024 - 03:13

The Bank of England's Prudential Regulation Authority (PRA) imposed a £33.8 million fine on Citigroup Global Markets Limited.

Matt Buck
Matt Buck
The regulatory body stated that the US bank's violations of trading and control systems occurred between April 2018 and May 2022, which is when the fine was assessed. Additionally, the American bank was fined £ 27.8 million by the British Financial Conduct Authority (FCA), which assessed Citigroup's activity during the same period on its profile. 

Consequently, the fine totals £61.6 million. The price is computed with a thirty percent discount because Citigroup committed to fixing all of the listed flaws.

As per the evaluation conducted by banking and financial regulators, Citigroup was found to have violated several requirements. These included the need to have a well-defined strategy for identifying and managing risks, preventing potential errors by traders, and organizing activities responsibly. 

This is one of the biggest fines for such infractions in the UK since the 2008–2009 global financial crisis, according to Reuters.