Litigation costs expected to pull down Citigroup results

Legal costs of US$2.7b are expected to drag down the results of New York-listed Citigroup when it announces its annual results tomorrow.

CEO Mike Corbat has already paved the way for the results by revealing that issues relating to forex, the implementation of anti-money laundering rules and Libor have led to the large legal provision. Several other banks - including JP Morgan and Wells Fargo - are also announcing their results for Q4 and the year overall this week. Source: Investors.com

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