Citi restates earnings due to regulatory probes

[Omaha Steve]

Source: AP-Excite

NEW YORK (AP) — Citigroup has slashed its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month.

The New York-based bank on Thursday revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses.

The bank's operating expenses rose from $12.36 billion to about $13 billion.

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."

FULL story at link.


Read more: http://apnews.excite.com/article/20141030/us--citi-revised_earns-624542c2a8.html

[louis-t]

1. In other words, caught cooking the books.

[asiliveandbreathe]

2. looks like louis-t

beat all of us to the punch!


Those pesky regulators..

[Treant]

3. Or, Daddy's Eye is On 'Em

So they have to steal less and steal subtly.

For now.