Layoffs Watch ’14: Citi Mailroom

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Given all of the shit that Mike Corbat’s had to deal with this year from all corners—Mexico, Argentina, subprime lending, Jed Rakoff, paying lawyers—he really doesn’t need to be cutting $3 million checks because someone forgot to throw a few hundred thousand prospectus in the mail.

The Financial Industry Regulatory Authority Inc. disclosed on its website Friday that it censured the nation's third-largest bank by assets earlier this week for failing to deliver prospectuses for about 160 ETFs from 2009 through April 2011, in more than 1.5 million ETF purchases….

To check whether prospectuses actually were sent, the bank relied on a complicated manual system without a clear chain of supervision, Finra said in its enforcement action.

Citi Fined $3 Million for Prospectus Delivery Problems [Dow Jones via Nasdaq]

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