Citigroup has been fined R$370 million in the United Kingdom for an error caused by the mis-selling of shares. companies

a subsidiary of Citi Group fined in £61.6 million (approximately R$370 million) per Britain’s two regulatorsafter Failures in systems and controls US banking giant provoked mis-selling US$1.4 billion (R$7 billion) in shares.

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The Financial Conduct Authority (FCA) said on Wednesday (22) that an error made by the Citigroup Global Markets operator Created a basket of stocks worth US$444 billion instead of US$58 million, The banking group controls the blocked portion of the basket, but $189 billion was wrongly sent to a trading algorithm.

The FCA said the error was caused by Citigroup Global Markets’ system designwhich allowed the operator to manually ignore the pop-up alerts. The regulator also assessed that Citigroup’s real-time monitoring is ineffective.

“In total, US$1.4 billion worth of shares were sold on European exchanges before the trader canceled the order. This coincided with brief solid declines in some European indices.Which lasted for a few minutes,” the FCA said.

Following separate investigations, the FCA fined Citigroup £27.8 million and the Prudential Regulation Authority (PRA) fined the US bank £33.9 million.

By agreeing to pay both fines, Citigroup would be entitled to a 30% discount. in a statement, The bank said the error was identified and corrected within minutes,