Citi restates Q3 results

Citi Building Sign

Citigroup has revealed that it’s facing a U.S. criminal probe into the bank’s foreign-exchange business and took a $600 million legal charge that forced it to restate third-quarter results.

Bloomberg News reports that the bank is cooperating with criminal and antitrust investigations by the Justice Department as well as inquiries by the Commodity Futures Trading Commission and regulators in Britain and Switzerland, the New York-based company said on Thursday in a regulatory filing.

Citigroup increased its legal reserves after discussions with the U.K. Financial Conduct Authority led the company to expect to pay $300 million to $400 million to settle the regulator’s investigation into currency-benchmark manipulation, said a person briefed on the talks who asked not to be identified because the negotiations are private.

The increase in third-quarter legal costs, on top of the $951 million disclosed earlier this month, “resulted from rapidly evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously disclosed matters,” the company said in a separate statement.

Hit the link below to access the complete Bloomberg News article:

Citigroup Legal Costs Jump as Currency Probes Accelerate

ANZ Second-Half Profit Rises 9% on Lower Bad Debt Charges

 

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