Citigroup Cuts Profit by $600 Million Amid Criminal Foreign Exchange Probe

Citigroup Inc. (C) revealed that it's facing a U.S. The lender is cooperating with criminal and antitrust investigations by the Justice Department as well as inquiries by the Commodity Futures Trading Commission and regulators in the U.K. and Switzerland, New York-based Citigroup said today in a regulatory filing. 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. Citigroup, led by Chief Executive Officer Michael Corbat, is among banks facing investigations by authorities on three continents over alleged rigging of currency markets, people with knowledge of the situation have said.



via Business News http://ift.tt/1q7CZpO