Citi restates earnings due to regulatory probes
NEW YORK (AP) — Citigroup is slashing its third-quarter earnings by $600 million, saying recent investigations by regulators have altered the results it reported earlier this month.
The bank, based in New York, revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses.
The company said in a statement the unexpected increase came from "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters."
Citi previously reported third-quarter net income of $3.44 billion, or $1.07 per share, on Oct. 14. The results exceeded Wall Street estimates, with analysts calling for $1.12 per share, according to Zacks.