Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup    C

CITIGROUP (C)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Citigroup : to pay $11.5 million fines, compensation over errant stock ratings

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/28/2017 | 06:27pm CEST
The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto

NEW YORK (Reuters) - Citigroup Inc will pay at least $11.5 million in fines and restitution to settle charges it displayed the wrong research ratings on more than 1,800 stocks, causing many customers to own shares they never would have bought, a U.S. regulator said on Thursday.

The Financial Industry Regulatory Authority fined Citigroup $5.5 million and ordered it to pay at least $6 million to retail customers over errors that occurred between February 2011 and December 2015, and involved more than 38 percent of the equity securities that the New York-based bank covered.

Citigroup did not admit or deny wrongdoing, but the sanctions reflected its cooperation, including its decisions to report the rating issues and compensate customers, FINRA said.

The regulator said Citigroup would sometimes display to customers, brokers and supervisors the wrong ratings, such as "buy" instead of "sell," while in other cases it would display ratings for companies it did not cover, or no ratings at all.

As a result, brokers solicited thousands of transactions and negligently made inaccurate statements premised on wrong ratings, and many customers ended up owning stocks with "sell" ratings despite a prohibition on such ownership, FINRA said.

FINRA said the errors stemmed from problems with an electronic data feed, and Citigroup failed to timely fix the wrongly displayed ratings despite "numerous" red flags. The bank's actual research reports and ratings were not affected.

"The display and use of incomplete and inaccurate research ratings can have widespread, adverse consequences to customers," FINRA enforcement chief Susan Schroeder said in a statement. "Firms should react quickly to address those errors."

Citigroup spokeswoman Danielle Romero-Apsilos said the bank was pleased to resolve the matter.

(Reporting by Jonathan Stempel in New York; Editing by Andrew Hay)

By Jonathan Stempel

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CITIGROUP
04/24CITIGROUP : Citi chairman says all options open to find his replacement
RE
04/24CITIGROUP : Citi chairman says all options open to find his replacement
RE
04/24DAVID HENRY : Citi chairman says all options open to find his replacement
RE
04/24CITIGROUP : Citi chairman says all options being considered for his replacement
RE
04/24BANCO BILBAO VIZCAYA ARGENTARIA : Venezuelan banks shrivel as inflation roars an..
RE
04/23CITIGROUP INC : Financial Statements and Exhibits (form 8-K)
AQ
04/23CITIGROUP : Citi Establishes Service to Support New SEC Regulations for Mutual F..
BU
04/22CITIGROUP : First Quarter 2018 Results and Key Metrics
AQ
04/22CITIGROUP : All-American banker heads back to the Kingdom
AQ
04/21CITIGROUP : Sen. Kennedy Questions Federal Reserve Official About Big Banks' Dis..
AQ
More news
News from SeekingAlpha
04/23OAKMARK EQUITY AND INCOME FUND : Q1 2018 
04/23OAKMARK GLOBAL FUND : Q1 2018 
04/20Vilas Fund, LP Q1 '18 Letter To Partners - #28 Since Inception, Long Pharma 
04/19The Banking Industry Kicks Off Earnings Season With Record Profits 
04/19Flattening Yield Curve, Trade Tensions, Kinder Morgan (Wall Street Breakfast .. 
Financials ($)
Sales 2018 74 312 M
EBIT 2018 31 715 M
Net income 2018 16 278 M
Debt 2018 -
Yield 2018 2,10%
P/E ratio 2018 10,72
P/E ratio 2019 9,36
Capi. / Sales 2018 2,41x
Capi. / Sales 2019 2,33x
Capitalization 179 B
Chart CITIGROUP
Duration : Period :
Citigroup Technical Analysis Chart | C | US1729674242 | 4-Traders
Technical analysis trends CITIGROUP
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 83,1 $
Spread / Average Target 20%
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
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP-6.63%179 223
JP MORGAN CHASE & COMPANY3.73%380 160
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-2.90%327 505
BANK OF AMERICA2.51%309 974
CHINA CONSTRUCTION BANK CORPORATION-4.04%272 754
WELLS FARGO-13.29%256 287