Citigroup (C) lowered its third-quarter net income due to legal costs, CNBC said in an article.
The lender reported its earnings on Oct. 14 and originally posted a net income for the third quarter 2014 of $3.4 billion, or $1.07 per diluted share, on revenues of $19.6 billion, compared to net income of $3.2 billion, or $1.00 per diluted share, on revenues of $17.9 billion for the third quarter 2013.
The adjustment reflects a "$600 million increase in legal accruals," the company said in a statement.
"The increase resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters," the statement said.
