Categories AlphaGraphs, Finance, U.S. Markets News

SEC fines Citibank for mishandling American Depository Shares

The US Securities and Exchange Commission (SEC) finally caught up with the Citibank (C) and fined them $38 million for misrepresenting American Depositary Receipts (ADRs) to brokers.

The financial giant provided US securities that represent foreign shares in numerous premature transactions, without the latter not knowing the actual number of foreign shares to support ADRs.

Citi neither denied nor admitted the SEC charges and have agreed to pay the fine.


Citigroup Q3 2018 earnings alphagraphic

Two months ago, Citigroup announced that it was merging two of its businesses — Investment bank and capital markets — in order to gain a competitive edge in advisory and capital market deals.

In October, the third largest US bank posted third-quarter earnings beating Wall Street estimates. The company reported earnings of $1.73 per share on a revenue of $18.4 billion. For the period, Citigroup reported in-line net interest margin of 22.7%, helped by a 7% decline in the effective tax rate.

Pelosi in the lead for Speaker job as tech, healthcare stocks jump on midterm results

The stock opened bullish today and hit a high of $67.97 in the first hour of trading, but quickly fell to $66.70 after reports of the fine broke — and effects of the mid-terms kept it at lower levels.



Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Add Comment
Viewing Highlight