(Wall Street Journal) A small London hedge-fund firm and a lapse in bank-risk controls caused a panic inside Citigroup Inc. in July, after its executives discovered a series of trades they estimated could cost the bank as much as $400 million, people familiar with internal discussions at the time said.The concerns made a brief appearance in the bank’s second-quarter earnings released July 16 in which Citigroup said it had reserved $175 million stemming…
Citi Found Itself Briefly Exposed to $400 Million Hit Through Small London Hedge Fund’s Trades
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