Citi fined $79 million by UK regulators over trading and control failures

LONDON (Reuters) – 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)

(Reporting by Tom Wilson; Editing by Tommy Reggiori Wilkes)