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US: Citigroup preps for $2.7B in 4Q fines

By  |  December 9, 2014

US bank Citigroup said it is preparing for up to $2.7 billion in charges in the fourth quarter as it approaches settlements with prosecutors and financial watchdogs over several ongoing cases regarding currency trading manipulation, reports say.

Citigroup Chief Executive Michael L. Corbat spoke Tuesday at an industry conference, where he announced the preparations. Citigroup is reportedly in settlement talks with authorities regarding foreign exchange market manipulation, including allegations of benchmark interest rate manipulation and other claims.

Last month, Citigroup was one of several banks that paid a combined $4.2 billion to Swiss, UK and US authorities for foreign exchange manipulation allegations. The US Department of Justice’s investigation into the matter is ongoing, however, and reports say Citigroup will likely be hit with more penalties from that case.

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