The Financial Services Authority today fined Citigroup £13.9m (€20.9m) over its controversial trades in government bonds last year. The UK regulator said the bank failed to control its business with skill, care and diligence.

Hector Sants, FSA managing director for wholesale business, said: "Citigroup Global Markets planned, authorised and executed a trading strategy without having due regard to the risks and likely consequences of its action for the efficient and orderly operation of the MTS [trading] platform.