8:03 am Citigroup Revises Q3 Earnings on Increased Legal Accruals
On October 14, Citigroup (C 53.15) impressed investors with its better than expected third quarter earnings results. After the close yesterday, Citigroup shocked investors with the news that it is adjusting its third quarter results lower by $600 million due to an increase in legal accruals.
The revision was attributed to "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters."
With the change, …More