'We are spending a lot of time on improving the conduct of our employees'.
Jamie Forese, head of the Citigroup unit that houses trading and investment banking, said fines the firm paid for rigging foreign-exchange markets dwarfed the amount generated by the illegal conduct.
Bloomberg News reports that revenue from the trades amounted to about $1m, while Citigroup paid out $2.5bn in fines and penalties, Forese estimated Wednesday at an investor conference in New York.
'The misconduct of some of our employees has been hugely painful to the institution and to shareholders', Forese said. 'We are spending a lot of time on improving the conduct of our employees'.
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Citigroup Paid 2,500 Times More for FX Rigging Than It Made
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