Citi Fined $79 Million for Trading Error Leading to Flash Crash

UK regulators penalized Citigroup for deficiencies in its trading systems after a 'fat finger' error caused a $1.4 billion sale.

A trader's input mistake led to $1.4 billion in erroneous stock orders on European exchanges.
The flash crash briefly erased $322 billion in market value before recovery.
Citigroup's internal controls failed to block all parts of the erroneous order.
The bank has since taken steps to improve its trading systems and controls.
Total financial impact on Citigroup from the incident is around $130 million, including fines and losses.