Citi has been reportedly fined $1.25 Mn as the company failed to run adequate background checks. Due to the failure in complying with the process, the company hired three convicted criminals over a seven-year period

According to reports, the Wall Street giant headed by CEO Michael Corbat agreed to pay $1.25 Mn in fines to the Financial Industry Regulatory Authority for not registering or properly fingerprinting 10,400 people in its broker-dealer division between January 2010 and May 2017.

Earlier in 2017, JPMorgan Chase hired ex-cons into jobs that could access clients’ bank-account information as it failed to properly screen thousands of employees for more than eight years. JPMorgan, which didn’t admit or deny the findings, also paid a $1.25 Mn fine at the time.

In another news, Citigroup is also planning to axe hundreds of jobs across its global markets as the bank responds to challenging market conditions. The bank is targeting trading division for these job cuts.

Citi reported earlier this July that revenue from its stock trading unit declined fell to $790 million during the second quarter, down 9% from the same period in 2018.