NEW YORK (TheStreet) -- Citigroup (C) shares are down 0.7% to $53.44 on Wednesday after the bank had fines totaling $918 million levied against it by by U.S., British and Swiss financial regulators due to manipulation of foreign currency exchange markets.
The bank was fined $358 million by the British Financial Conduct Authority, $310 million by the Commodity Futures Trading Commission and $250 million by the U.S. Office of the Comptroller of the Currency, according to USA Today.
In total, regulatory agencies on both sides of the Atlantic imposed fines totaling $4.2 billion on six of the world's largest banks. Today's fines represents the end of the the first phase of the international investigation into large banks manipulation of the $5.3 trillion per day foreign currency exchange market.
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TheStreet Ratings team rates CITIGROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CITIGROUP INC (C) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."