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...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?