UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets.
(Bloomberg) -- Citigroup Inc. was fined £61.6 million ($79 million) by UK regulators for failures after a London staffer’s fat-finger trade caused a flash crash in European stocks in 2022. Most Read from BloombergOne Dead After Singapore Air Flight Hit By Severe Turbulence‘It Felt Like We Had Crashed’: Singapore Air Passenger Describes Turbulence TerrorThese Flight Routes Suffer the World’s Worst TurbulenceBarclays Managers Warn Some Staff to Prepare for Five Days a Week in OfficeThe Wall Street
LONDON (Reuters) -UK regulators fined Citigroup 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. 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.