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Earnings: Citigroup Q3 profits plunge 86% as legal costs rise to $3.5 bn

Jan 16, 2015    

New York: Citigroup today became the latest big US bank to report disappointing results, with earnings plunging 86 percent on a large legal charge and disappointing operating performance in some segments.Earnings for the fourth quarter were $350 million, down from $2.5 billion a year earlier.The biggest drag came from a previously announced $3.5 billion charge for legal costs and corporate repositioning.Like other banks, Citi has faced numerous government and private litigation allegations that it conspired with its competitors to rig interest rates and foreign-exchange trades.Large legal char...

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