Risk

Citigroup may record losses of at least $50 million following a London staffer’s fat-finger trade that caused a flash crash in European stocks last month, according to people familiar with the matter.

The firms respectively settled the regulator’s allegations about suspicious activity reports and the duty of best execution — two major areas of emphasis.

People shouldn’t completely shun the crypto world after the recent collapse of a popular stablecoin, an official at the International Monetary Fund said Monday. 

David Reilly oversaw cybersecurity efforts at the bank for years and has learned how employees with access to sensitive information can be flipped, conned or extorted into cooperating with hackers.

Tom Anderson currently serves in a compliance role overseeing personal banking and wealth management at Citi. He will succeed Mary McNiff, who is moving into a new position at the $2.4 trillion-asset bank.

Citigroup warned that more regulators are investigating the company over employee use of “unapproved messaging channels."

Nearly three in four banks said in a recent survey that finding people with the right skills is a hurdle as they try to comply with decade-old rules regarding their financial models.

In its semiannual supervision and regulation report, the central bank cited strong balance sheets and liquidity but found risks for smaller banks.

A cannabis-related company said it has secured a $60 million credit facility backed partly by East West Bank. The California-based regional bank is moving into a realm once dominated by small banks, credit unions and more expensive nonbank lenders.

The San Francisco bank is following the lead of other U.S. megabanks by providing shorter-term targets ahead of 2050 climate pledges.