News

Citi to pay $7B to settle federal investigation

Citi to pay $7B to settle federal investigation

CITI:Citigroup said on Monday it would pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief. Photo: Reuters

(Reuters) – Citigroup Inc said it agreed to pay $7 billion to settle a U.S. government investigation into mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis.

Citigroup said on Monday it would pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief.

The bank said it would take a related pre-tax charge of about $3.8 billion in the second quarter.

The settlement figure was more that twice what many analysts expected earlier this year but less than the $12 billion the government had sought in negotiations with the bank.

(Reporting by Anil D’Silva in Bangalore; Editing by Saumyadeb Chakrabarty)

Recent Headlines

in Sports

This week’s top sports shots

Fresh
AP_51535953719

A look at some of this week's biggest plays and best moments in sports.

in Sports

This weekend’s sports schedule

Fresh
cardinals

Here's a look at some of this weekend's big sporting events.

in National

Making headlines this week

Fresh
AP_595026758855

A look at some of this week's biggest newsmakers and the headlines you may have missed.

in National

Gunman kills one student, wounds two others at Sacramento college

18-overlay2

One student was killed and two others injured after a fistfight at a Sacramento community college escalated into a shooting.

in Sports

Friday’s Sports Minute

michigan

Here’s a look at some of the sports headlines making news today, Friday, Sept. 4.