People walk by a CitiBank location in Manhattan on March 01, 2024 in New York City.
Spencer Platt | Getty Images
LONDON — British regulators on Wednesday dished out a combined £61.6 million ($79 million) in fines to U.S. investment bank Citi for failings in its trading systems and controls.
The fines were issued by the Prudential Regulation Authority and the Financial Conduct Authority, whose investigation focused on the period between April 1, 2018, and May 31, 2022. Citi qualified for a 30% reduction in the amount of the penalty after agreeing to resolve the matter.
“Firms involved in trading must have effective controls in place in order to manage the risks involved. CGML [Citigroup Global Markets Limited] failed to meet the standards we expect in this area, resulting in today’s fine,” Sam Woods, deputy governor for prudential regulation and the chief executive officer of the PRA, said in a statement Wednesday.
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