Citigroup was under criminal investigation into manipulation of the London interbank offered rate including forex rates. Citigroup paid $2.3bn in fines to US and UK authorities in the transatlantic investigation, $925m to the US Department of Justice, $342m to the Federal Reserve, $310m to the Commodity Futures Trading Commission, $350m to the Office of the Comptroller of the Currency and $358m to the FCA, and about $394m to settle private class-action claims in the US.
And Four former Citigroup traders (Carly McWilliams, Perry Stimpson, David Madaras and Robert Hoodless) look set to be the first of the dozens of people fired over the forex-rigging scandal to challenge their dismissals in court. They have filed unfair dismissal claims at the East London Employment Tribunal.
Chief executive Michael Corbat called the fines “an embarrassment to our firm” and "nine people had been fired and others had faced disciplinary actions".
