Citi Fined $79 Million for $189 Billion Trading Mishap

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UK regulators imposed a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost led to the accidental dumping of stocks worth $189 billion onto European markets.

The Financial Conduct Authority (FCA) fined Citigroup (C) nearly £28 million ($36 million), while the Bank of England’s Prudential Regulation Authority levied a fine of almost £34 million ($43 million) following investigations into the US bank, according to statements from the authorities.

The regulators reduced their fines by 30% because Citigroup agreed to settle the matter. Without the discount, the combined fine would have exceeded £88 million ($112 million).

“We are pleased to resolve this matter from more than two years ago, which arose from an individual error that was identified and corrected within minutes,” a Citigroup spokesperson told CNN. “We immediately took steps to strengthen our systems and controls, and remain committed to ensuring full regulatory compliance.”

The spokesperson declined to comment on reports that the trade was the result of a fat-finger error, where incorrect data is inputted due to pressing the wrong key.