Investment Banking

Citigroup fined £12.6m by FCA over failures to monitor market abuse

Watchdog hits Citi with another penalty over lax controls

Jane Fraser, chief executive of Citigroup, has been on a mission to improve the bank's processes
Jane Fraser, chief executive of Citigroup, has been on a mission to improve the bank's processes Photo: Getty Images

Citigroup's broker-dealer has been fined £12.6m by the UK financial regulator for failing to properly implement market abuse protocols, as the US bank continues on a years-long project to overhaul its controls.

The Financial Conduct Authority said it was fining Citigroup Global Markets Limited, which oversees its international broker-dealer business, for failing to implement regulation that would allow it to effectively spot potential market abuse.

WSJ Logo
How Trump Got His ‘Big, Beautiful Bill’ Across the Finish LineExternal link

How Trump Got His ‘Big, Beautiful Bill’ Across the Finish Line