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Citigroup cuts 200-300 jobs

US bank Citigroup has cut between 200 and 300 additional jobs, most in the global markets business, The Wall Street Journal reported Sunday. Some of the employees were fired, while others left voluntarily. Among them was Steve Prince, the younger brother of former chief executive Charles Prince, according to the newspaper. Prince's LinkedIn profile says he is a senior vice president for marketing and advertising. The cuts account for about two percent of the global markets business, it added, citing a person familiar with the matter.

Citigroup to pay $1.13 billion to settle investor claims over mortgage-backed securities

NEW YORK, N.Y. - Citigroup has agreed to pay $1.13 billion to settle claims by investors seeking that the lender buy back billions in residential mortgage-backed securities. The New York-based investment bank said Monday that the pact it reached with 18 institutional investors calls for Citigroup to make a binding offer to the trustees of 68 Citi-sponsored trusts that bundled some $59.4 billion in home loans into securities from 2005 to 2008.

Citigroup settles US suit over mortgage securities

Citigroup has settled a lawsuit by the US Federal Housing Finance Agency over the sale of home mortgage-backed securities to government-backed lenders, a court document showed Wednesday. According to the New York court filing, Judge Denise Cote said that both sides had reached an agreement that ends the lawsuit. The terms of the settlement were not disclosed. The FHFA sued Citigroup and 16 other financial institutions in September 2011 for violating federal securities laws in the sale of residential mortgage-backed securities to Fannie Mae and Freddie Mac.

Citigroup told to improve money laundering controls

The Federal Reserve on Tuesday ordered Citigroup to strengthen its controls against money-laundering, pointing to problems in subsidiaries including the US unit of Citi's Mexican bank, Banamex. In a consent order released by the Fed and signed by the bank, Citigroup pledged to take extensive actions to better comply with the US Bank Secrecy Act on preventing money-laundering. The consent order -- an undertaking by Citi to comply with various steps laid out by the Fed -- did not provide any details on what problems were unearthed by regulators.

CORRECTED: Citigroup to pay $730 million to settle suit

US banking giant Citigroup said Monday it will pay $730 million to settle a class-action suit by bondholders related to the 2008 financial crisis. The suit alleged Citigroup misled buyers of its bonds over its exposure to subprime mortgages and other high-risk securities ahead of and during the crisis, from May 2006 to November 2008. The settlement is the latest step by Citi to put the ill-effects of the financial crisis behind it. Citi was harmed more by the crisis compared with some peers, such as JPMorgan Chase.

Citigroup to pay $700 million to settle suit

US banking giant Citigroup said Monday it will pay $730 million to settle a class-action suit by bondholders related to the 2008 financial crisis. The suit alleged Citigroup misled buyers of its bonds over its exposure to subprime mortgages and other high-risk securities ahead of and during the crisis, from May 2006 to November 2008. The settlement is the latest step by Citi to put the ill-effects of the financial crisis behind it. Citi was harmed more by the crisis compared with some peers, such as JP Morgan.

URGENT ¥¥¥ Citigroup to pay $700 million to settle suit

US banking giant Citigroup said Monday it will pay $730 million to settle a class-action suit by bondholders related to the 2008 financial crisis. The suit alleged Citigroup misled buyers of its bonds over its exposure to subprime mortgages and other high-risk securities ahead of and during the crisis, from May 2006 to November 2008. jmb/pmh
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