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# Reports: Citigroup Set For $7 Billion Deal With DOJ

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## Video: Reports: Citigroup Set For $7 Billion Deal With DOJ

[Watch (HLS stream): Reports: Citigroup Set For $7 Billion Deal With DOJ](https://cdn.jwplayer.com/manifests/OhtZDUis.m3u8) (1:17)

![Reports: Citigroup Set For $7 Billion Deal With DOJ](https://cdn.jwplayer.com/v2/media/OhtZDUis/poster.jpg?width=720)

_Published 2014-07-09. Yet another major bank appears ready to make a deal with the Justice Department over bad loans that led to the housing crisis. Sources say Citigroup — the owner of Citibank — plans to settle for $7 billion._


---

Jul 27, 2023 4:58 PM UTC

---

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### By the Numbers: The Day of 7 Billion

---


## Transcript

Yet another major bank appears ready to make a deal with the Justice Department over bad loans that led to the housing crisis. Sources tell the Wall Street Journal, Citi Group, the owner of Citi Bank, plans to settle for $ 7 billion. That 7 billion settlement for the mortgage bond fraud probe at the DOJ splits the difference between what the DOJ initially was expected to ask for. In fact, the Justice Department threatened to sue Citi just last month if the bank didn't significantly raise its offer from $ 4 billion. Citigroup is just the latest bank to reach a deal with the feds. Last month sources say Bank of America CEO Brian Moynihan asked for a face to face with U.

S. Attorney General Eric Holder, when attorneys reached a stalemate, much like his counterpart at J. P. Morgan Chase, Jamie Dimon did, just before that bank reached a deal last fall for $ 13 billion. BNP Paribas also settled with the U. S. for $ 9 billion. For violating trade sanctions unrelated to the housing crisis. The jury noted the $ 7 billion settlement was larger than analysts expected at Citi Group. But the bank had motivation. Privately Citi Group executives worried going to court against the government would be a long expensive process and a public relations nightmare even if the bank ultimately won.

Thanks for watching, I'm Megan Judy.

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