Citigroup's earnings revised lower
Citigroup reported a $600m increase in legal expenses, forcing it to revise its previously-reported third-quarter earnings downward.
Citigroup Inc.
$68.76
10:57 15/11/24
0.90%
$0.61
The group said the revision lowers its net income to $2.84bn or 88 cents a share, from the $3.44bn, $1.07 a share, in earnings it reported on 14 October.
"The increase [in legal expenses] resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters," Citigroup said in a statement.
Citigroup shares dropped 1.7% in after-hours trade Thursday.