Citigroup quarterly earnings down 86% on huge legal costs

[NEW YORK] Citigroup on Thursday reported an 86 per cent drop in fourth-quarter earnings due to a US$3.5 billion charge for legal and repositioning costs.

Earnings for the fourth quarter were US$350 million, down from US$2.5 billion a year earlier. Like other large banks, Citigroup has faced costly government settlements and private litigation over charges it rigged interest rates and foreign exchange trades.

AFP