Citigroup Said Visited by Regulators Amid Currency ProbeAmbereen Choudhury
U.S. regulators visited the London offices of Citigroup Inc. amid a probe into the alleged rigging of currency markets, a person with knowledge of the matter said.
Officials from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York went to Citigroup’s office in Canary Wharf this week, said the person, who asked not to be identified because the move hasn’t been made public. Reuters reported the move earlier today.
Andrea Priest, a spokeswoman for the New York Fed, and Jeffrey French, a spokesman for Citigroup in London, declined to comment, while a spokesman for the OCC couldn’t immediately comment.
Regulators are probing whether traders at the world’s largest banks colluded through instant-message groups to manipulate benchmarks such as the WM/Reuters rates. Citigroup controls about 15 percent of the world’s currency trading, second only to Frankfurt-based Deutsche Bank AG, according to a May survey by Euromoney Institutional Investor Plc. The New York-based lender is the top-ranked trader in spot and emerging-market currencies, according to the survey.