Citigroup Trims Third Quarter Earnings Due to Regulatory Probes

Citigroup Trims Third Quarter Earnings Due to Regulatory ProbesCitigroup, the investment banker has trimmed its earnings for the third-quarter $600 million. It said that investigations that have been conducted by the regulators in the recent months have forced it to alter the results which it had reported previously in the month.

On Thursday, stating legal expenses as the cause the bank based in New York, adjusted its quarterly net income from an earlier reported $3.4 billion to $2.8 billion.

The operating expenses of the bank grew from $12.36 billion to around $13 billion.

The money which the bank is setting aside for covering the legal expenses most possibly relates to probable settlement of claims which says that the Citigroup had a hand in manipulating the foreign exchange market.

Barclays said on Thursday that it has kept aside £500m for paying likely costs that will arise from the probes into currency trading.

All around the world several regulators are looking into matters of currency fixing and the Financial Conduct Authority of U. K is among them along with officials in U. S and Switzerland.

The Citigroup said that it giving all possible cooperation to the officials related to the investigations.

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