Prop trading on Wall Street lives on as Citi is smacked with fine by SEC (C)

Citigroup was smacked with a fine by the SEC this week over allegations of proprietary trading by three rogue employees from 2013 to 2016.  Prop trading, the practice of banks buying and selling securities on their own behalf rather than for clients, was banned following the financial crisis. Separately, Citi settled charges of inadequate controls stemming from fraudulent loans issued by its Mexican subsidiary, Banamex, that cost the bank $475 million. Citi paid a total of $10.5 million in...