Citi neither denied nor admitted the SEC charges and have agreed to pay the fine.
Two months ago, Citigroup announced that it was merging two of its businesses — Investment bank and capital markets — in order to gain a competitive edge in advisory and capital market deals.
In October, the third largest US bank posted third-quarter earnings beating Wall Street estimates. The company reported earnings of $1.73 per share on a revenue of $18.4 billion. For the period, Citigroup reported in-line net interest margin of 22.7%, helped by a 7% decline in the effective tax rate.
Pelosi in the lead for Speaker job as tech, healthcare stocks jump on midterm results
The stock opened bullish today and hit a high of $67.97 in the first hour of trading, but quickly fell to $66.70 after reports of the fine broke — and effects of the mid-terms kept it at lower levels.