Citigroup fined for almost dumping $189 billion into European markets by accident

UK regulators fined Citigroup £62 million ($79 million) for failures in its trading systems. The Financial Conduct Authority (FCA) imposed a £28 million ($36 million) fine, while the Bank of England’s Prudential Regulation Authority (PRA) fined it £34 million ($43 million). The regulators reduced the fines by 30% because Citigroup settled. In May 2022, an experienced trader at Citigroup sold $1.4 billion worth of stocks on European exchanges in error. Citigroup’s systems blocked $255 billion, but $189 billion was sent to its trading platform for sale. Citigroup has taken steps to strengthen its trading systems.