Citigroup Basically A Litigation Funding Shop In The Fourth Quarter

Author:
Updated:
Original:

Mike Corbat is going to go ahead and just send every one of the 54 billion nickels Citi’s going to make this quarter to the bank’s lawyers, the latest last big legal charge it will have to take, he swears.

The legal charge covers the costs of continuing investigations into how the bank has complied with anti-money-laundering rules and probes of its trading in currencies and interest rates.

Speaking at the investor conference, Mr. Corbat said Tuesday that the fourth-quarter charge should allow the bank to “largely put those [issues] behind us.”

Citigroup Expects $2.7 Billion in Fourth-Quarter Legal Expenses [WSJ]

Related