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citi bank shares

Shares in US banking firm Citibank are trading over 3% higher pre-market on Tuesday. Shares in Citi  were broadly higher over the last five trading days. This is despite recent headlines regarding a scandal involving Citibank affiliates.

Citibank Settles Over Charges

The US Commodity Futures Trading Commission announced that it has filed and settled with Citibank N.A, Citigroup Energy Inc, and Citigroup Global Markets Inc over failure to diligently supervise their audio preservation system.

The CFTC maintains that it was an audio preservation system operated by Citibank on behalf of the three affiliates. The system was designed to ensure that the audio recordings complied with CFTC regulations.

However, due to a fault in the design, the system erased millions of audio files including those under a CFTC subpoena. Citibank had assured the Division of Enforcement that they were safely preserved.

Latest in a Series of Fines

Citi agreed to pay out $4.5 million in a civil monetary penalty. T...


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