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UK Regulators Fine Citigroup £61.6 Million ($79 Million) for Trading Failures

May 22, 2024, 06:28 AM

UK regulators have fined Citigroup £61.6 million for trading and control failures. The fines were imposed by the Prudential Regulation Authority and other banking regulators. The penalties stem from a 2022 incident where a London-based Citigroup employee's fat-finger trade caused a flash crash in European stocks. The total fines amount to $79 million (approximately £62 million). Additionally, Citigroup was fined GBP27.8mn and GBP33.9mn by the Prudential Regulation Authority.