NEW YORK (TheStreet) -- JPMorgan Chase & Co. (JPM) shares are down 1.4% to $60 in trading on Tuesday after the financial firm announced that it was subject to a criminal investigation into its foreign exchange business by the Justice Department.
The financial holding company said that it is cooperating with investigators who include the Commodity Futures Trading Commission and the U.K. Financial Conduct Authority.
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Watch the video below for more on the criminal probe into JP Morgan's foreign exchange business:
JPMorgan, which has faced numerous investigations and fines since the recession and financial collapse of 2008, said that the "reasonably possible losses" the company could incur due to fines resulting from the investigation could reach as high as $5.9 billion, an increase from the $4.6 billion the company estimated in August.
TheStreet has in depth coverage of the announcement here.
TheStreet Ratings team rates JPMORGAN CHASE & CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate JPMORGAN CHASE & CO (JPM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, compelling growth in net income, impressive record of earnings per share growth and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."