Citi controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
Hong Kong regulator fines Citi subsidiary for equities misconduct
Fine or penalty
Hong Kong's Securities and Futures Commission fined Citigroup Global Markets Asia Limited HK$348.25 million for misconduct in its cash equities business. The regulator said trading desks had issued inaccurate indications of interest and made misrepresentations to customers. Citi said it had cooperated with the investigation and implemented remedial measures.
Company response
Remediation — Citi
We have fully cooperated with the SFC's investigation and have implemented significant remedial measures to strengthen our compliance and internal controls
Source excerpt
Hong Kong's market regulator has fined a Citigroup subsidiary HK$348.25 million ($45 million) for misconduct in its cash equities business
This resolves an issue relating to Citigroup Global Markets Asia Limited activities dating back to 2018. We have fully cooperated with the SFC's investigation and have implemented significant remedial measures to strengthen our compliance and internal controls
some of Citigroup Global Markets Asia Limited's (CGMAL) trading desks had issued inaccurate "indications of interest" in stocks to generate client inquiries and had also made misrepresentations to customers when executing some trades.
2020
Risk-management and data-governance enforcement actions
The Federal Reserve and Office of the Comptroller of the Currency cited deficiencies in Citi’s risk management, internal controls, data governance, and compliance infrastructure and required remediation.
2020
Revlon payment error
An operational error caused Citi to send nearly $1 billion of its own funds to Revlon creditors. Litigation followed after some recipients declined to return the money, and a federal court ruled that certain recipients could retain the funds.
2019
Citigroup fined by the Bank of England over regulatory information
Fine or penalty
The Bank of England fined Citigroup £44 million for submitting incomplete and inaccurate regulatory information between 2014 and 2018. The regulator said the bank's oversight and governance fell below expected standards.
Company response
Remediation — Citi
Citi has fully remediated the past regulatory reporting issues identified by the PRA, and settled this matter at the earliest possible opportunity.
Source excerpt
The PRA said the bankâs systems were inadequate, that Citi had failed to have enough people working on regulatory accuracy, that it had inadequate documentation and that its oversight and governance âfell significantly below the standards expectedâ.
The Bank of England has fined the US bank Citigroup a record £44m for submitting incomplete and inaccurate regulatory information to the Bank between 2014 and 2018.
2008
Financial-crisis losses and government assistance
Citigroup suffered major losses during the global financial crisis and received U.S. government capital and loss-sharing support. The episode led to substantial restructuring and scrutiny of the group’s risk profile and complexity.