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MarketScreener Homepage  >  Equities  >  Nyse  >  Citigroup Inc.    C

CITIGROUP INC.

(C)
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Citigroup : to Close Banamex USA

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07/22/2015 | 01:28pm EST
By Christina Rexrode 

Citigroup Inc. on Wednesday confirmed that it will close Banamex USA, a small unit doing business on the U.S.-Mexico border, and agreed to pay $140 million to regulators who accused the unit of shoddy anti-money-laundering controls.

The settlement is with the Federal Deposit Insurance Corp. and the California Department of Business Oversight, which had previously accused Banamex USA of poor oversight of its systems meant to prevent money laundering.

The Wall Street Journal previously reported that Citigroup was expected to shut the unit. In a statement, the bank said that Banamex USA hadn't generated consistent earnings and that winding it down was part of the bank's overall mission of becoming smaller and simpler.

Regulators, concerned about the bank's ability to catch money laundering, first told Citigroup to beef up its staff and systems at Banamex USA in 2012. Since then, Citigroup brought in consultants, ousted Banamex USA's chief executive and a top deputy and closed some branches. But regulators said Wednesday that the bank hadn't done enough to meet regulators' requests.

Banamex USA is based in Century City, Calif., and has branches in San Antonio and Houston.

Write to Christina Rexrode at christina.rexrode@wsj.com

Access Investor Kit for Citigroup, Inc.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US1729674242

Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 1.47% 75.81 Delayed Quote.43.51%
ONE STOP SYSTEMS, INC. -1.12% 1.76 Delayed Quote.-8.25%
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Financials (USD)
Sales 2019 73 846 M
EBIT 2019 31 927 M
Net income 2019 17 455 M
Debt 2019 -
Yield 2019 2,52%
P/E ratio 2019 9,78x
P/E ratio 2020 8,94x
Capi. / Sales2019 2,24x
Capi. / Sales2020 2,21x
Capitalization 166 B
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Technical analysis trends CITIGROUP INC.
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 83,02  $
Last Close Price 75,81  $
Spread / Highest target 49,1%
Spread / Average Target 9,51%
Spread / Lowest Target -31,4%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
Jane Nind Fraser President & CEO-Global Consumer Banking
John C. Dugan Chairman
Mark A. L. Mason Chief Financial Officer
Anthony M. Santomero Independent Director
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