Citigroup News

Citi Fined by Swiss Exchange Regulator Over 2022 Fat-Finger Flash Crash

Citigroup Inc. was fined 500,000 Swiss francs ($568,000) by Switzerland’s stock exchange regulator for failures after a London staffer’s fat-finger trade caused a flash crash in European stocks in 2022. The total value of the erroneous trades executed on the …

Bank of America Scraps Diversity Goals in Latest Wall Street DEI Retreat

Bank of America Corp. is rolling back workplace representation targets and replacing references to diversity, joining peers in citing legal changes under the Trump administration. The bank will no longer have “aspirational” goals for diversity and inclusion, which were referenced …

Citigroup Must Face New York Lawsuit Over Handling of Fraud Scams

A federal judge on Tuesday rejected Citigroup’s bid to dismiss a lawsuit by New York Attorney General Letitia James claiming it failed to protect customers from online scammers and refused to reimburse customers who were victimized. U.S. District Judge Paul …

Ex-Citigroup Trader Wins Unfair Dismissal Case in Hong Kong

An Asia equity sales trader who was fired from Citigroup Inc. in 2019 won an employment suit against the US bank, Hong Kong’s Labour Tribunal ruled on Monday. Citigroup failed to justify its “summary dismissal” of former employee Cindy Lui, …

Citi Pushes Back on New York’s Online Fraud Suit: We’re Not ‘Bad Guys’

Citigroup Inc. said US banks will be forced into a “dramatic shift” in how electronic payments are processed if New York state wins a lawsuit claiming the company doesn’t do enough to prevent online fraud. Lawyers for the company’s Citibank …

Former Citigroup Exec Suing Bank Was Fired for Performance, Company Says

Citigroup alleges that a former managing director suing the bank was fired for performance reasons, rather than for what she said were attempts by the bank to give regulators false information. On Thursday, the bank responded to a lawsuit filed …

Regulators Fine Citi $136M for Failing to Fix Longstanding Data Issues

U.S. bank regulators fined Citigroup $136 million for making “insufficient progress” fixing data management issues identified in 2020 and required the bank to demonstrate it was putting enough resources toward those efforts. The joint enforcement action from the Federal Reserve …

Citigroup Asks 600 US Staffers to Return to Office Full-Time

Citigroup has asked its 600 U.S. employees, who are eligible to work remotely, to return to office fulltime, it said on Friday as regulatory requirements make it hard for Wall Street banks to allow offsite work for roles such as …

Ex-Citi Banker Says She Was Fired for Refusing to Give False Data to Regulator

A former managing director at Citigroup sued the bank and its chief operating officer on Wednesday, alleging she was fired for opposing what she said were attempts to give regulators false information. Kathleen Martin, a former managing director Citi hired …

Citi’s CEO Fraser Wary of Insurance Giants’ Role in Private Credit

Citigroup Inc. Chief Executive Officer Jane Fraser warned that there’s a risk to the growing number of insurers piling funds into direct lending opportunities. It’s one of many risks tied to the rise of the private credit industry that Fraser’s …