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CITIGROUP INC.

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Citigroup : SEC fines Citibank more than $38 million for mishandling ADRs

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11/07/2018 | 02:34pm EDT
Commuters walk past a Citibank branch in the Manhattan borough of New York

WASHINGTON (Reuters) - Citibank will pay more than $38 million to the U.S. Securities and Exchange Commission (SEC) for abuse in handling American Depositary Receipts (ADRS), the regulator said in a statement on Wednesday.

The SEC found that Citibank falsely provided U.S. securities that represent foreign shares, or ADRs, to brokers in thousands of premature transactions. Those brokers and customers did not have the actual number of foreign shares to support those ADRs, the SEC statement said.

The bank did not admit or deny the SEC's findings on its practices, but agreed to pay the fine and additional fees related to the abuses.

"We are pleased to have this matter resolved," a Citigroup spokeswoman said.

(Reporting by Katanga Johnson; Adding; Editing by Chizu Nomiyama and David Gregorio)

By Katanga Johnson

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Financials ($)
Sales 2019 74 573 M
EBIT 2019 32 338 M
Net income 2019 17 107 M
Debt 2019 -
Yield 2019 3,21%
P/E ratio 2019 8,08
P/E ratio 2020 7,05
Capi. / Sales 2019 1,91x
Capi. / Sales 2020 1,85x
Capitalization 143 B
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 76,3 $
Spread / Average Target 25%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
John C. Dugan Chairman
John C. Gerspach Chief Financial Officer
Anthony M. Santomero Independent Director
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