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Firm taking $1.5 billon charge

Monday, Dec. 23, 2002 | 11:18 a.m.

NEW YORK -- Citigroup, the nation's largest financial institution, will take a charge of $1.5 billion against its fourth-quarter earnings, much of it to cover the cost of last week's settlement with securities regulators and related lawsuits.

The announcement today was the first from the 10 commercial banks, investment banks and brokerage houses that agreed on Friday to pay millions in penalties to settle allegations that their stock analysts misled investors and that potentially valuable shares in initial public offerings were used to leverage future business.

Citigroup Chairman and Chief Executive Sanford I. Weill said he hoped the fourth-quarter charges would put the issues to rest.

"The year 2002 has been a very difficult one for our company and our industry," Weill said.

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