Ready for the prison yard.
Back in November, Citigroup and all of the other bad kids in the back of the foreign-exchange rate-setting classroom (in other words, all of them) promised to mend their ways (and pay a collective $3.3 billion). A month later, Mike Corbat said that the $2.7 billion legal charge the bank took in the fourth quarter should more or less cover the whole ugly mess and allow him to “largely put those [issues] behind” him. Which may or may not be true, financially-speaking, once the small matter of Citi pleading guilty to criminal charges is taken care of.
Citigroup Inc said it could plead guilty to an antitrust charge to resolve a U.S. Department of Justice investigation of its dealings in foreign exchange markets.
In a regulatory filing on Monday, the company also said the Justice Department had advised that it did not intend to prosecute the bank in a separate investigation into the setting of interest rates between banks.