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Market
Leadership changes in Citigroup's Global Markets by end of 2024
4
Resolution / Starting Odds
No change • 33%
New head of Global Markets • 33%
Restructuring of the division • 34%
Citigroup press releases or major financial news outlets
Story
Citigroup Fined £62 Million ($79M) by UK Regulators Over 'Fat Finger' Trading Failures
May 22, 2024, 10:59 AM
UK regulators have fined Citigroup £62 million ($79 million) for failures in its trading systems and controls. The penalties were imposed by the Prudential Regulation Authority and other financial regulators following a 'fat finger' error by a London-based trader on May 2, 2022. The trader mistakenly sold $1.4 billion in stock instead of the intended $58 million, causing a flash crash in European stocks. The error led to significant market disruptions, including a five-minute crash in the OMX Stockholm 30 Index, which wiped out as much as $322 billion at one point. Citigroup's Global Markets division was held accountable for the trading and control failures that led to the incident. The total mistaken orders amounted to £1.1 billion.
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CEO replaced • 25%
CFO replaced • 25%
No major leadership change • 25%
Other C-level executive replaced • 25%
Successor announced • 33%
No changes • 33%
Major leadership restructuring • 34%
No change • 33%
New director appointed • 33%
Major reshuffling of senior positions • 33%
Major operational overhaul • 33%
Minor operational adjustments • 34%
No significant changes • 33%
Increased market volatility • 33%
No significant market change • 33%
Tighter trading regulations • 34%
New CEO • 25%
New CFO • 25%
New COO • 25%
No major changes • 25%
