Citigroup Pays $138K Fine For Reporting Errors: Report
Portfolio Pulse from Lekha Gupta
Citigroup Inc. (NYSE:C) has agreed to pay a $138,000 fine and $10,600 in related costs to the Bourse de Montreal for failing to report large options contract positions. Additionally, Citigroup was fined $135.6 million by the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) for non-compliance with a 2020 enforcement action. Despite these fines, Citigroup reported strong Q2 FY24 results, with revenue growth of 4% Y/Y to $20.14 billion and EPS of $1.52, both beating analyst estimates. Citigroup's stock has gained over 36% in the last 12 months.

July 19, 2024 | 10:24 am
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NEUTRAL IMPACT
Citigroup Inc. (NYSE:C) has been fined $138,000 by the Bourse de Montreal for reporting errors and $135.6 million by U.S. regulators for non-compliance with a 2020 enforcement action. Despite these fines, Citigroup reported strong Q2 FY24 results, beating analyst estimates.
The fines are significant but are offset by strong Q2 FY24 results, which beat analyst estimates. The stock's 36% gain over the last 12 months indicates investor confidence remains high.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Opal Dividend Income ETF (NYSE:DIVZ) includes Citigroup, which has been fined for reporting errors and non-compliance. Despite this, Citigroup's strong Q2 FY24 results may balance the negative news.
DIVZ holds Citigroup, which faced fines but also reported strong earnings. The mixed news may result in a neutral short-term impact on the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
First Trust Nasdaq Bank ETF (NASDAQ:FTXO) provides exposure to Citigroup, which has been fined for reporting errors and non-compliance. However, Citigroup's strong Q2 FY24 results may mitigate the negative impact.
FTXO holds Citigroup, which faced fines but also reported strong earnings. The mixed news may result in a neutral short-term impact on the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50