Australia charges former heads of Citi, Deutsche Bank in a cartel case

Australia's banking industry, which thrived during the post-financial crisis years even as bankers elsewhere became symbols of destructive greed, has been convulsed in past months by public outrage

Australian prosecutors charged the former local heads of Citigroup and Deutsche Bank with criminal cartel offenses, the most dramatic move so far in a country bent on taking bankers to task for years of misbehaviour.

The case centres on the banks’ actions following a $2.5 billion ($1.9 billion) share sale by Australia & New Zealand Banking Group  in 2015. Under Australia’s cartel laws, executives can face up to 10 years in jail if found guilty. The three banks themselves are also being charged with criminal cartel offenses.

Criminal charges have been laid against Stephen Roberts, the former country head of Citi Australia;