Citi Axing 35 London Trading Jobs Amid FX Fixing Fine

Citi is apparently set to axe around 35 jobs from its London trading floor after the group had to pay $1bn in fines to three separate authorities over currency market manipulation allegations.

Sources told IBTimes UK that Citi will cut the jobs from the markets division in Britain's capital.

Citi declined to comment.

On 12 November, the Wall Street giant confirmed that it will pay $358m (£228m, €286m) to the UK's Financial Conduct Authority (FCA), $350m to the Office of the US Comptroller of the Currency (OCC) and $310m to the Commodity Futures Trading Commission (CFTC).

"Citi acted quickly upon becoming aware of issues in our foreign exchange business and we have already made changes to our systems, controls and monitoring processes to better guard against improper behaviour," said Citi in a statement at the time.

"While today's settlements resolve significant investigations into Citi's foreign exchange business, as we have previously disclosed, several additional regulatory agencies and enforcement bodies are conducting investigations and making inquiries into this business. We continue to fully cooperate with these investigations and inquiries."

The bank added that these payments are covered by Citi's existing legal reserves as of the third quarter 2014.

Citi has also agreed to further enhance the control framework governing its foreign exchange business.