Business

Citigroup Nears $7 Billion Settlement

Citigroup is close to putting a mortgage securities fraud investigation behind it, but a source says the bank will have to fork over about $7 billion. That's a lot more than analysts had been expecting, and roughly $3 billion less than what U.S. authorities had demanded last month. Analysts believe Citi has around $3 billion in reserves set aside for a related settlement. The cash deal would include several billion dollars to aid struggling borrowers.

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