SEC nudges Citigroup for wider disclosure on Ukraine war impact By Reuters

News



© Reuters. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo

(Reuters) -The U.S. Securities and Exchange Commission (SEC) has sought wider disclosures from Citigroup Inc (NYSE:) related to the hit it expects to take from the Russia-Ukraine conflict, the bank said in a regulatory filing on Friday.

In a letter dated May 2 and addressed to Citi Chief Executive Officer Jane Fraser, the regulator’s Division of Corporate Finance has also asked Citigroup to disclose risks from sanctions on Russia and potential roadblocks to the sale of the lender’s assets in the country, the filing said.

The contents of the letter were in line with guidance posted on the SEC’s website in May, when the regulator told companies they might have to disclose the impact Russia’s invasion of Ukraine was having on their businesses.

In May, a week after the letter was sent to Fraser, Citigroup disclosed that its Russian consumer banking franchise – which has been put up for sale – posted first-quarter revenue of $32 million, down 6% from a year earlier.

It also said the Russian consumer business was hurt by sanctions, the bank’s decision not to open new accounts and a reduction in investment sales.

Leave a Comment

Leading the way

Let's build a better world together

Project planning
Design expertise
Great qualifications

Nullam vestibulum finibus sapien, id consequat mauris tempus auctor.

Locations

90 Newport St., Natick, MA 01760

83 Taylor Street, Kings Mountain, NC 28086

22 Birch Hill St., Villa Rica, GA 30180

Support requests

support@construction.com

Nullam scelerisque leo felis, quis congue mauris tristique in. Suspendisse pulvinar, felis eu facilisis mattis, turpis odio luctus nisi, et ultrices velit enim quis lacus.

Request a quote

[Insert your contact form here]

Construction

Vivamus vehicula dictum elit at bibendum. Etiam finibus eros ut urna auctor ullamcorper. Sed at erat eget nisl rutrum ultrices sed eu ex.

Newsletter

Sign up to receive the latest news and trends from our company.

More questions? Get in touch