Citigroup is once again in the radar of regulators. The United States Securities and Exchange Commission (SEC) has now sought wider disclosure from Citigroup Inc concerning the hit it expects to take from the Russia-Ukraine conflict. The bank confirmed this matter in a July 8 regulatory filing.
In a letter dated May 2 and addressed to Citi Chief Executive Officer Jane Fraser, the watchdog’s Division of Corporate Finance has also requested Citigroup to reveal risks from sanctions on Russia and possible roadblocks to the sale of the lander’s assets in the nation, the filing stated.
The contents of that letter were in line with the guidance posted on the SEC’s website in May 2022, when the regulator told firms that they might need to reveal the impact Russia’s invasion of Ukraine was having on their businesses.Buy Crypto Now
In May 2022, a week after the letter was sent to Fraser, Citigroup announced that its Russian consumer banking franchise that has been put up for sale posted Q1 revenue of $32 million, down around 6% from a year earlier.
It also stated that the Russian consumer business was greatly affected by sanctions, the bank’s decision not to open any new accounts and a drop in investment sales.