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CNBC
Tweeted mid-Tuesday morning that Citigroup C is expected to report a $3.5 billion charge when it reports its fourth quarter earnings.
According to CNBC, the bank stated that the charges include $2.7 billion for investigations (including Libor and foreign exchange) as well as $800 million to close some of its international businesses.
"We have made significant progress in simplifying and streamlining our company and these repositioning actions will further enhance our ability to serve our clients efficiently and focus on those areas with the greatest potential for returns," Citigroup CEO Michael Corbat said. "Also, we believe these legal charges should cover a significant portion of our outstanding legal matters based on current information."
Citigroup also stated that it expects to be “marginally profitable” in the fourth quarter after factoring in the charges.
Shares of Citigroup were trading lower by more than two percent following the disclosure of its charges.
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