FINRA has fined Citigroup Inc. (NYSE:C) with $500,000 in an age bias case.

Citigroup Inc. (NYSE:C) Hit With $500k Fine

The Financial Industry Regulatory Authority (FINRA) has ruled that Citigroup Inc. (NYSE:C) has to pay $500,000 in a fine to former Citigroup Global Market division branch manager Edward Bowne in the age bias case.

Bowne filed the case accusing that the bank dismissed him because of his age, which is against Florida law.

FINRA did however say that the bank did not violate federal age discrimination law.

Elizabeth Fogarty, Citigroup Inc. (NYSE:C) spokeswoman, said, “Citigroup Inc. (NYSE:C) complies with all age discrimination laws and is pleased that the arbitrators expressly found that Citigroup Inc. (NYSE:C) did not violate the federal age discrimination law. We disagree with the decision regarding liability under the comparable Florida law and are reviewing our options”.

Citigroup Inc. (NYSE:C) shares were at 30.72 at the end of the last day’s trading. There’s been a -4.3% change in the stock price over the past 3 months.

Citigroup Inc. (NYSE:C) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.91
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.73
Zack’s Rank: 4 out of 15 in the industry