Legal costs: Citigroup sets aside additional $600m
October 31 , 2014
Citigroup will set aside an additional $600 million to cover the legal costs linked to “rapidly evolving regulatory inquiries,” according to media reports
The sum may be used to settle claims over manipulation of the foreign exchange market.
Barclays has also announced it had set aside £500 million to cover potential costs linked to investigations into currency trading.
The currency fixing is being probed by multiple regulators across several countries.
Citigroup’s shares on Wall Street dropped 2% in after-hours trade. The bank also revised its net income for the third quarter from the $3.44 billion posted earlier to $2.84 billion.