Citigroup Fined £61.6M for System Failures by UK Regulators

Britain's banking and financial regulators levied a fine exceeding £61.6 million on Citigroup for significant shortcomings in its trading systems and controls. This penalty is one of the largest since the 2008-2009 financial crisis. Reduced penalties were issued following Citi's agreement to address the issues.

Britain's banking and financial regulators said on Wednesday they had fined U.S. bank Citigroup more than 61.6 million pounds ($78.54 million) for failures in its trading systems and controls. The fine is one of the largest for controls breaches in the UK since the global financial crisis in 2008-2009.

The Prudential Regulation Authority said it fined Citigroup Global Markets Limited 33.88 million pounds for failings in its trading systems and controls between 1 April 2018 and 31 May 2022. That fine had been reduced by 30% after Citi agreed to resolve the issue. The Financial Regulation Authority said it fined Citi 27.76 million pounds after an investigation into similar matters. ($1 = 0.7849 pounds)

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