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MarketScreener Homepage  >  Equities  >  Nyse  >  Citigroup Inc.    C

CITIGROUP INC.

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Citigroup : may pay $7 billion to resolve U.S. mortgage probes

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07/08/2014 | 10:12pm EDT
A Citibank sign on bank branch in midtown Manhattan in New York

NEW YORK/WASHINGTON (Reuters) - Citigroup Inc is close to paying about $7 billion to resolve a U.S. probe into whether it defrauded investors on billions of dollars worth of mortgage securities in the run-up to the financial crisis, a source familiar with the matter said on Tuesday.

A majority of the settlement is expected to be in cash, but the figure also includes several billion dollars in help to struggling borrowers, the source said.

An announcement of the settlement between the bank and the U.S. Department of Justice could come as early as next week, the source said.

A Citigroup representative declined comment. A Justice Department spokeswoman did not respond to requests for comment.

A settlement of around $7 billion for Citigroup would be higher than analysts had expected based on the bank's mortgage securities business.

Some Wall Street analysts had previously estimated that Citigroup likely had about $3 billion of reserves set aside for a related settlement. U.S. authorities had demanded more than $10 billion last month, Reuters reported.

Talks between U.S. authorities and Citigroup stalled last month after both sides stood far apart on a settlement figure and the Justice Department had prepared to sue the bank.

The bank is scheduled to report second-quarter results on Monday. Analysts, on average, have estimated the company would earn $3.4 billion.

U.S. Attorneys offices in Brooklyn and Colorado have been investigating the bank as part of a larger task force probing faulty mortgage securities that helped fuel the housing bubble in the mid-2000s and contributed to its collapse.

JPMorgan Chase & Co paid $13 billion in November to resolve a range of probes from the task force, in a deal that U.S. authorities said would serve as a template for other banks. Bank of America Corp has also been in negotiations to resolve similar investigations.

(Reporting by Aruna Viswanatha in Washington and Karen Freifeld in New York, with additional reporting by David Henry in New York; Editing by Lisa Shumaker)

By Karen Freifeld and Aruna Viswanatha

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.94% 24.47 Delayed Quote.-30.52%
CITIGROUP INC. -2.07% 43.93 Delayed Quote.-45.01%
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Financials (USD)
Sales 2020 74 011 M - -
Net income 2020 7 010 M - -
Net Debt 2020 - - -
P/E ratio 2020 13,4x
Yield 2020 4,67%
Capitalization 91 456 M 91 456 M -
Capi. / Sales 2020 1,24x
Capi. / Sales 2021 1,28x
Nbr of Employees 204 000
Free-Float 67,0%
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Technical analysis trends CITIGROUP INC.
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 25
Average target price 66,31 $
Last Close Price 43,93 $
Spread / Highest target 141%
Spread / Average Target 50,9%
Spread / Lowest Target 11,5%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
Jane Nind Fraser President, Director & CEO-Global Consumer Banking
John C. Dugan Chairman
Mike Whitaker Head-Operations & Technology
Mark A. L. Mason Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP INC.-45.01%93 392
JPMORGAN CHASE & CO.-29.45%290 467
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED-30.00%243 547
BANK OF AMERICA CORPORATION-30.52%218 422
CHINA CONSTRUCTION BANK CORPORATION-21.55%172 547
CHINA MERCHANTS BANK CO.. LTD.2.71%139 966