The lingering specter of FX manipulation has finally reached a key precipice with Citigroup Inc. (NYSE:C) this week, which could culminate in a guilty plea any day now following a rigorous investigation.
Just last week, UBS revealed the evolution of its discussions with the US Justice Department (DOJ) had reached an advanced stage. Despite the waving of the white flag in sight, no agreement has been tentatively reached with the DOJ and UBS on the form of a resolution however.
Indeed, Citigroup’s (NYSE:C) own endeavors are mired in slightly less ambiguity, with its own antitrust charges expected to draw a guilty plea and resolve a US DOJ investigation.
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According to a recent regulatory filing today, the Citigroup also noted that the DOJ suggested that it did not intend to prosecute the bank in a separate investigation of the setting of interest rates between banking institutions.
As a result of the foresight and impending finality between the bank and regulators, Citigroup has left its estimate of potential unreserved litigation costs at $4 billion.
News of the potential guilty plea evidently did not stir NYSE:C investors, which has failed to pare any recent gains. At the time of writing, shares of Citigroup stock are trading unchanged at $54.00 per share during US trading.