Citigroup profit falls on legal and restructuring charges

Reuters News
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Posted: Jan 15, 2015 8:08 AM

(Reuters) - Citigroup Inc, in the midst of a pullback from consumer banking in several international markets, eked out a slim fourth-quarter profit after taking charges of $3.5 billion to settle legal claims and overhaul its operations.

Adjusted net income fell to $346 million, or 6 cents per share, from $2.60 billion, or 82 cents per share, a year earlier, the third-biggest U.S. bank by assets said on Thursday.

The total charges matched the figure foreshadowed by Chief Executive Mike Corbat in December.

Analysts on average had expected earnings of 9 cents per share, including the charges, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.

(Reporting by Tanya Agrawal and David Henry; Editing by Ted Kerr)