Breakingviews - Citi’s Hong Kong fine is a warning to others
as prompted by other customers – preferred by most for giving a better price – when it was in fact acting as principal.
The city’s watchdog, the Securities and Futures Commission, nodded to a culture of “unrelenting commercial pressure” faced by Citi’s traders to win business. Still, misrepresentation is poor practice whatever the industry. And in this compliance-heavy age, a bank not having necessary checks in place is hard to explain.
Fines always emerge long after the wrongdoing, and Citi can point to a change in leadership since. It dismissed traders involved three years ago, too. But as demonstrated by HSBC’s
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