Citi builds blockchains

From Finextra –

“Citi has been exploring distributed ledger technology for years, building three blockchains and creating its own crypto-currency, dubbed Citicoin, the banking giant has told International Business Times.

Citi Innovation Labs boss Ken Moore says that the systems are at the "pre-production" level and designed to help the bank make sure it is at the "leading edge of this technology and that we can exploit the opportunities within it".

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Citigroup to shift European retail banking base to Dublin

From Reuters –

“Citigroup is planning to shift the head office of its European retail banking operation to Dublin from London to benefit from lower costs and capital requirements.

This week the bank wrote to clients to say the UK-based business, Citibank International Limited, which operates a small number of branches across some 20 European countries, would be taken over by Dublin-based Citibank Europe Plc.

"From a strategic perspective for Citi, moving to a single pan-European bank is expected to reduce operational and regulatory complexity, capital requirements and cost," the company told clients.”

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Broking market like "Wild West", London Libor trial told

From Reuters –

“Tom Hayes, a former trader on trial in London for alleged interest rate rigging, described the broking market he worked in as the "Wild West" with no rules and where relationships relied on lavish entertainment, a court heard on Tuesday.

The court was told that this was also a high-pressure environment, which took its toll on Hayes, prompting him to threaten brokers and pick fights with colleagues in his efforts to move interest rates to aid his trading.

The criminal trial heard how Hayes, a former UBS and Citigroup yen derivatives trader, threatened to drop brokers if he felt they failed to help to persuade traders at other banks to move benchmark interest rates in directions to suit his trading book.

Hayes is the first person to stand trial on charges of alleged manipulation of the London interbank offered rate or Libor, used to price an estimated $450 trillion of financial contracts worldwide. British prosecutors allege Hayes was the ringmaster in a conspiracy with 25 staff from at least 10 banks and brokerages to rig the interest rate benchmark.”

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