Citigroup, which paid the largest amount in the Wall Street settlement over allegations of conflicts of interest, has recruited Michael Helfer as general counsel.

Ten securities firms signed up to "an agreement in principle" with the US regulators and agreed to pay a total penalty of $1.4bn (€1.3bn). Citigroup contributed $400m, including a $300m fine, $75m to fund independent research and $25m for investor education.