Citigroup
Flagged · AvoidOne of the largest U.S. banks, repeatedly fined hundreds of millions for compliance failures and sued for abandoning wire fraud victims.
Last updated August 18, 2026
Reasons to avoid
Issues span:ConsumerGovernanceEnvironment
- New York Attorney General Letitia James sued Citibank in January 2024, alleging the bank failed to protect customers from wire fraud and then illegally denied reimbursement to victims who lost millions of dollars. A federal judge allowed the lawsuit to proceed in January 2025, rejecting Citibank's attempt to have the case dismissed.
- The Federal Reserve and the Office of the Comptroller of the Currency fined Citigroup a combined $136 million in July 2024 after finding the bank had made insufficient progress fixing the same data governance and risk management problems identified in its 2020 consent order. Citigroup has now paid more than half a billion dollars in fines for the same unresolved compliance failures.
- The Bank of England's Prudential Regulation Authority and the Financial Conduct Authority fined Citigroup's UK trading arm a combined £61.6 million in May 2024 for trading control failures that let a trader mistakenly execute a $1.4 billion order, briefly crashing several European stock indexes. Regulators said the bank had received repeated warnings to fix its systems in the years beforehand but the weaknesses persisted.
- Citigroup funneled an estimated $396 billion into coal, oil, and gas financing between 2016 and 2023, ranking it among the top three fossil fuel financiers in the world according to the annual Banking on Climate Chaos report. The bank has continued to increase its fossil fuel financing even as it publicly promotes a $1 trillion sustainable finance pledge.
- The UK Financial Conduct Authority fined Citigroup Global Markets £12.5 million in 2022 for failing to properly implement market abuse surveillance requirements. For 18 months the bank had significant gaps in its ability to detect insider dealing and market manipulation, with the regulator calling its implementation of UK law flawed.
- Citigroup is the top bank financing oil and gas companies operating in the Amazon rainforest, with an estimated $42 billion in active or recently matured deals as of 2022. Researchers and Indigenous leaders say the financing is tied to deforestation, pollution, and violations of Indigenous land rights across Ecuador, Peru, Colombia, and Brazil.
- The Federal Reserve and the Office of the Comptroller of the Currency fined Citigroup $400 million in October 2020 for long standing deficiencies in enterprise wide risk management, data governance, and internal controls. The consent order required the bank to overhaul those systems under close regulatory supervision.
Ethical alternatives
Banking
Local Credit Unions
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Climate First Bank
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Beneficial State Bank
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Amalgamated Bank
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Carver Federal Savings Bank
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As You Sow
A free nonprofit tool that screens any mutual fund, ETF, or 401k for fossil fuels, weapons, and other concerns, so you can see what your investments actually hold.
💚 Non-Profit📚 Free Resource
Visit →Common Questions
- Is Citigroup ethical?
- The Federal Reserve and OCC fined Citigroup $400 million in 2020 for severe compliance failures, then imposed another $136 million in 2024 for failing to fix the same problems, totaling over half a billion in fines for the same unresolved issues. Citigroup has also channeled an estimated $396 billion into fossil fuels since the 2015 Paris Agreement, ranking it among the top 10 global fossil fuel financiers.
- Why should I avoid Citigroup?
- New York AG Letitia James sued Citibank in 2024 for failing to protect customers from wire fraud and illegally denying reimbursement to victims who lost millions, with a federal court allowing the lawsuit to proceed in 2025. Citi is also the top bank financing Amazon oil and gas operations, with an estimated $42 billion in active or recently matured deals tied to deforestation and Indigenous rights violations.
- What are the best ethical alternatives to Citigroup?
- Local credit unions are member-owned and not-for-profit with better rates and lower fees. Amalgamated Bank is union-owned with a strong commitment to social justice. Climate First Bank and Beneficial State Bank are both B Corp certified and keep your deposits out of fossil fuels.