NEW YORK (TheStreet) -- The S&P 500 Financials Index shook off some of Tuesday's losses, closing up 0.9%, as Citigroup (C) proved itself a leader in foreign-exchange trading and J.P. Morgan Chase's (JPM) CEO offered some candid comments about investors, competitors and shady employees. Just about everyone, really.
According to data published by Euromoney Institutional Investor, Citigroup is the largest bank by volume in foreign-exchange trading. The bank has a 16.11% share of the $5.3 trillion a day forex market.
Citigroup may not want to rush to the podium to accept its award: Last week the bank was fined $1.26 billion by the Justice Department and the Federal Reserve after pleading guilty to a felony antitrust charge involving manipulation of the euro-dollar exchange rate. Of the four banks penalized for the same charges, Citigroup was fined the most. Being No. 1 has its downside.
Citigroup rose 63 cents to $54.87.
Morgan Stanley (MS) was hired by General Electric (GE) as an adviser for the manufacturing conglomerate's sale of its $4 billion Japanese leasing business. GE's move is part of CEO Jeff Immelt's plan to pare down the lucrative GE Capital finance business and return the company to its industrial roots.
Morgan Stanley gained 83 cents to $38.62. Shares of General Electric were flat on Wednesday, at $27.52.
In a lively conversation at Bernstein's 31st Annual Strategic Decisions Conference, J.P. Morgan CEO Jamie Dimon said investors who cast votes based solely on the advice of proxy advisers are "lazy."