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Citigroup to book US$2.7b in legal expenses for Q4

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Published Wed, Dec 10, 2014 · 09:50 PM

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    New York

    CITIGROUP Inc will record US$2.7 billion in litigation expenses and another US$800 million in repositioning charges, leaving the third-largest US bank "marginally profitable" for the fourth quarter, its chief executive officer said on Tuesday.

    Michael Corbat's announcement at a New York investor conference was the second time in six weeks the bank has had to tack on a massive legal charge.

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