Citigroup fined £62m after Compliance "repeatedly" raised control weaknesses

The international broker-dealer wing of Citigroup has been fined £61.6 million - after cooperation discounts of 30 per cent - for failures in its systems and controls that were demonstrated over 14 minutes of trading on Bank Holiday Monday in May 2022.

By Neasa MacErlean

A 'fat finger' inputting error by a trader led to trades being entered for processing that totalled US$444 billion - 7,600 times the £58m intended. Both the Compliance and Internal Risk teams had previously "repeatedly identified weaknesses in those controls".