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30.10.2014 23:20:53
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Citigroup Cuts Q3 Earnings By $600 Mln Due To Legal Costs
(RTTNews) - Citigroup Inc. (C) on Thursday cut its third quarter earnings by $600 million, due to an increase in legal accruals resulting from rapidly evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters.
The company lowered its third quarter 2014 net income to $2.84 billion from the $3.44 billion previously reported on October 14.
Operating expenses rose to $12.96 billion from the previously reported $12.36 billion. The bank's capital ratios also fell.
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