Citigroup Hit With Record U.K. Fine for Incorrect Reporting
- Citi’s reporting on capital, liquidity had years of inaccuracy
- Regulators cite London team reliance on Budapest, Mumbai staff
A sign sits on top of the skyscraper housing the Citigroup Inc. offices at 25 Canada Square in the Canary Wharf business, financial and shopping district in London, U.K.
Photographer: Chris J Ratcliffe/BloombergCitigroup Inc. was fined 44 million pounds ($57 million) by the Bank of England for years of inaccurate reporting to regulators about the lender’s capital and liquidity levels.
Applying its largest fine ever, the central bank’s Prudential Regulation Authority said Tuesday that between June 2014 and December 2018, three U.K. units of the Wall Street bank had significant flaws in the systems they used to report financial information to regulators, as well as failings in internal governance. The errors had “material or potentially material impact on the returns,” according to the PRA.