Citigroup slammed with record £44m fine for reporting failures

Pedro Gonçalves
clock • 2 min read

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. The Bank's Prudential Regulation Authority (PRA) found that the American group's UK-regulated businesses had overstated their capital strength and had exaggerated their liquidity position by as much as 4%. "Citi failed to deliver accurate returns and failed to meet the standards of governance and oversight of regulatory reporting which we expect of a systemically important bank," Sam Woods, a Bank of England deputy governo...

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