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CITIGROUP (C)
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Citigroup : SEC fines Citibank more than $38 million for mishandling ADRs

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11/07/2018 | 07:34pm CET
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 2018 73 817 M
EBIT 2018 29 145 M
Net income 2018 16 641 M
Debt 2018 -
Yield 2018 2,35%
P/E ratio 2018 9,74
P/E ratio 2019 8,48
Capi. / Sales 2018 2,15x
Capi. / Sales 2019 2,07x
Capitalization 159 B
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 84,0 $
Spread / Average Target 29%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
Michael E. O'Neill Chairman
Don Callahan Head-Operations & Technology
John C. Gerspach Chief Financial Officer
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