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Citigroup's second-quarter profit got a modest boost from Citi Holdings, a unit set up six years ago as a dumping ground for toxic assets. After losing billions for years, Citi Holdings has now become a minor profit source for its parent.
July 16 -
The acting head of New York's financial regulator has asked for details on the instant-messaging service that several large banks are developing, out of the concern that many of the same banks are under investigation for rate-rigging.
July 22 -
JPMorgan Chase has to plead guilty to an antitrust charge if it wants to resolve the Justice Department's investigation into its foreign-exchange trading activities, the company said in a regulatory filing Thursday.
May 14
Citigroup has agreed to refund $4.5 million to global markets customers who were charged excessive fees and did not receive appropriate rebates.
It reached the agreement with New York Attorney General Eric Schneiderman, whose office had investigated the matter.
Citigroup's global markets unit overcharged more than 15,000 investment customers for account inactivity. The fees should not have been charged, according to Schneiderman's office.
Citigroup had previously agreed to return $16 million in principal and interest to 31,000 customers.
A review of the Citigroup matter revealed that thousands of customers who were overcharged during periods of inactivity were not given rebates, either because they did not request a rebate or because Citi did not have procedures in place to determine who should receive a refund.