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C Jun 2024 64.000 put
- Reuters
Germany fines Citigroup over 'fat-finger' failures
FRANKFURT (Reuters) -Germany has fined Citigroup nearly 13 million euros ($13.94 million) for lapses in its trading system controls, the nation's bank regulator said on Thursday, as its consumer protection division imposed its largest penalty ever. It is related to a mishap in 2022 involving $1.4 billion in mistaken sell orders in equities, an event that riled markets and for which Citigroup was already fined 61.6 million pounds($78.24 million) by British authorities in May. Citi on May 2, 2022 processed a $444 billion order that was meant to amount to just $58 million, prompting $1.4 billion in mistaken sell orders, according to British regulators' findings.
- Reuters
Citi bets on Europe despite political uncertainty, regional CEO says
Citigroup is looking to boost its business in Europe despite political instability on the continent spooking investors, the bank's new head of the region Ignacio Gutierrez-Orrantia said in an interview with Reuters. The U.S. bank, which last year undertook its most significant restructuring in decades, is currently placed fourth in EMEA league tables for M&A and sixth for equity capital markets (ECM), according to Refinitiv. "From a business perspective, this is also an opportunity for us to sit down with our clients and advise them on how to navigate this instability more effectively," Gutierrez-Orrantia said.
- Zacks
Citigroup (C) Q2 IB Fees to Surge 50% on Upbeat Capital Markets
Citigroup (C) projects a 50% surge in investment banking fees. This is likely to be driven by improved projections for merger advisory and debt and equity underwriting.
