The Bank of England has hit Citigroup with a record £44m fine for “serious” reporting failures that left UK regulators with an incomplete picture of the financial health of one of the world’s biggest banks.
Citi’s UK operations, which account for about 15.6 per cent of the US bank’s assets, lacked a proper framework for reporting its capital and liquidity position for more than four years, according to the Prudential Regulation Authority, the arm of the central bank that imposed the penalty on Tuesday.
The failings from Citi, which stretched between June 2014 and the end of 2018, led to “significant errors” on six substantive matters that “had a material or potentially material impact on the returns”, the PRA said.
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