NEW YORK (TheStreet) -- Shares of Citigroup Inc (C) were lower by 0.67% to $54.96 in afternoon trading Wednesday, after the bank was charged $925 million in criminal fines as part of their guilty plea over the manipulation of foreign exchange rates, Reuters reports.
Five of the world's largest banks, including Citigroup were fined a total of $5.7 billion to resolve an investigation into whether the banks worked together to move foreign currency rates in their favor.
The fines follow agreements in November with some of the same banks over currency trading, which brings the total penalties to about $9 billion, Reuters noted.
New York City-based Citigroup is a financial services holding company engaged in providing financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
Separately, 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 several positive factors, 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 increase in net income, expanding profit margins, solid stock price performance and growth in earnings per share. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."