Litigation costs expected to pull down Citigroup results

Legal costs of US$2.7b are expected to drag down the results of New York-listed Citigroup when it announces its annual results tomorrow.

14 January 2015

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CEO Mike Corbat has already paved the way for the results by revealing that issues relating to forex, the implementation of anti-money laundering rules and Libor have led to the large legal provision. Several other banks - including JP Morgan and Wells Fargo - are also announcing their results for Q4 and the year overall this week. Source: Investors.com