A series of trades in one of Citigroup’s units caused a panic in July after its executives discovered that the trades could have cost the bank nearly $400 million, according to a report from The Wall Street Journal. Citing people familiar with the matter, The Wall Street Journal reports that the trades in mostly bonds were made by LNG Capital LLP, a small London hedge fund run by Louis N. Gargour. Citi clawed back all of the money at risk in 3 months According to the Journal’s report, Citigroup’s problem was rooted in the its prime-brokerage unit, which handles trades…
Citigroup May Have Lost $400M On Hedge Fund Trades
Mani
Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports