Citigroup Inc C 1.77% shareholders can now close the book on yet another legacy issue from the bank’s past, but closure comes at a steep price.
Accusations, Settlements And Fines
Citi and its affiliates have agreed to pay $425 million in fines related to Libor and other benchmark manipulation during the Financial Crisis.
Last May, Citi and JPMorgan Chase & Co. JPM 0.75% were two of five banks to pay a total of more than $5 billion in settlements related to accusations of foreign currency trade-rate manipulation.
Despite the cost, Citi shareholders cheered the settlement, which eliminates an element of uncertainty from the stock.
“These settlements represent a significant step for Citi in resolving its legacy benchmark rate investigations,” spokesperson Danielle Romero-Apsilos said in a statement.
Romero-Apsilos went on to note that the company has made “substantial investments in its systems, controls and monitoring processes to better guard against inappropriate behavior.”
Stock Movements, Expectations
Citi’s stock is up 2.1 percent in Wednesday’s session following the news.
Citi shareholders can also rest assured…
Click here to continue reading
Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!
