Citigroup announced this week that it has set aside $2.7 billion to cover legal costs for the fourth quarter in connection with several ongoing regulatory investigations.
In remarks at Goldman Sachs 2014 U.S. Financial Services Conference on Dec. 9, Citi CEO Michael Corbat disclosed that the $2.7 billion in legal and related charges pertain to foreign exchange (Forex) investigations, LIBOR-related investigations, and anti-money laundering and related investigations. “We believe these legal charges should cover a significant portion of our outstanding legal matters based on current information,” he said.
Citi’s estimated legal and related charges for the fourth quarter are based on currently available information and could change based on further developments. Citi will announce its fourth quarter results in a press release on Jan. 15, 2015. On that date, the results will be reviewed via live Webcast and teleconference at 11 a.m. EST. The press release, webcast and presentation materials will be available here.