13. CLIMATE ACTION

Citi’s fat-finger trade could cost bank more than $50 million – Bloomberg Law – Reuters.com

Written by Amanda

People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith

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June 2 (Reuters) – Citigroup Inc (C.N) could record losses of more than $50 million after a London-based employee’s fat-finger trade caused a flash crash in European stocks last month, Bloomberg Law reported on Thursday, citing people familiar with the matter.

The sudden fall in shares, driven by a brief crash in Nordic markets, was caused by a single sell order trade by the bank, Reuters reported last month, citing people familiar with the matter.

The bank is still tallying losses from the mistaken trade and the final figure could grow, Bloomberg Law reported.

A Citigroup spokesperson declined to comment when contacted by Reuters.

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Reporting by Noor Zainab Hussain in Bengaluru and David Henry in New York; Editing by Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

Source: reuters.com

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Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai