CITY GROUP PAYS $7BN TO SETTLE SUB- PRIME MORTGAGE PROBE
Banking giant City will pay $7bn (£4bn) to US authorities to settle an investigation into risky sub prime mortgages.
City group will pay $4bn (£bn) to the Department of justice and $2.5bn for “consumer relief.
Consumer relief includes investment in affordable home and mortgage relief.
Following the decision, the bank reported a stronger than predicted quarterly profit, and saw its share price rise by 3.02% to $48.42 (£28.34).
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