Citigroup fined millions in UK over 'fat-finger' trading error
Citigroup has been fined £61.6 million (€72.3 million) by UK trading supervisors due to failures in its systems and controls. The penalties, issued by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), were linked to issues arising between 2018 and 2022. In one case, dating back to May 2022, a Citi error provoked a flash crash in European stocks, as $1.4 billion (€1.3 billion) of equities were sold in a "fat-finger" trade. A Citi trader had intended to sell a basket of equities to the value of $58 million (€53.5 million), but instead accidentally created a bas...