Citi 3Q earnings revised down

Adds in $600M increase in legal costs

Citigroup (C) lowered its third-quarter net income due to legal costs, CNBC said in an article.  

The lender reported its earnings on Oct. 14 and originally posted a net income for the third quarter 2014 of $3.4 billion, or $1.07 per diluted share, on revenues of $19.6 billion, compared to net income of $3.2 billion, or $1.00 per diluted share, on revenues of $17.9 billion for the third quarter 2013.

The adjustment reflects a "$600 million increase in legal accruals," the company said in a statement.

"The increase resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters," the statement said.

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please