“The public rebuke marks a major escalation of regulators’ efforts to get Citigroup to fix its risk systems."
The first major bank earnings report demonstrates consumers may be key to the second-quarter profits of the largest financial institutions.
Citigroup, Kaiser Aluminum, MGM Resorts International, Marshall Space Flight Center, Tupperware Brands, Clear Channel Outdoor Holdings
The year-end gyrations on Wall Street pushed corporate and investor clients to “the sidelines, waiting for some clearer market conditions."
The companies said they have already set aside funds to cover the penalty.
Citigroup, CalPERS, NCR, Talend, Tierra Nueva Technologies, Lantheus Holdings, Advance Auto Parts, At Home Group, Evertec, CSS Industries
A Citigroup subsidiary failed to detect fraudulent invoices and work estimates in a receivables factoring program for an oil industry provider.
A lower effective tax rate gave the bank a significant net income boost.
“People are willing to switch to a bank that is able to provide this kind of mobile-first experience,” said a Citigroup executive.
The reality TV star said she's stopped using Snapchat but it's unclear that she single-handedly wiped more than $1 billion off Snap's market value.
The bank's earnings excluding the tax items beat estimates, with consumer banking posting a particularly strong quarter.
Every business in Citi's investment banking unit saw healthy growth in the third quarter except fixed-income trading.
