Hong Kong’s financial-markets regulator, the Securities & Futures Commission (SFC), has fined Citigroup HK$348.25 million (USD $44.7 million) for misconduct that took place between 2008 and 2018, and warned it would pursue action against some former staffers.
SFC chief executive Ashley Alder said the risk management failures “exposed a culture that encouraged chasing revenue at the expense of basic standards of honesty.” The SFC laid blame with former senior managers and said it would start disciplinary proceedings.
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