Business

Citigroup settles U.S. charges of bad controls that led it to lose millions

Citigroup has agreed to pay $10.5 million to settle charges related to bad loans made by its Mexican subsidiary, Banamex, between 2008 and 2014, and to trader mismarking and unauthorized proprietary trading by Citigroup Global Markets Inc. from 2013 to 2016, the Securities and Exchange Commission said on Wednesday.