THE TIMES (UK): Citigroup faces record FSA fine for bond deal
Posted 17 June 2005
By Caroline Merrell, Banking Correspondent
CITIGROUP, the US investment bank, is expected to be fined between £20 million and £30 million by the Financial Services Authority (FSA) over a controversial bond trade that shook the European bond markets last year.
The fine, which is to be announced within the next two weeks, will be the biggest imposed by the UK regulator. The fine is also expected to include a charge of €17 million (£11.4 million), equivalent to the profits that Citigroup made from the bond trade.