The bank announced that it lowered its third-quarter earnings to a net income of $2.84 billion, or 88 cents a share, down from the net income of $3.44 billion, or $1.07 a share, it reported on Oct. 14. The lowered earnings are due to a $600 million increase in legal accruals.
"The increase [in legal expenses] resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters," the company said in a statement explaining the adjustment.
Watch the video below for more on Citigroup's revised quarterly results:
TheStreet Ratings team rates CITIGROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CITIGROUP INC (C) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: C Ratings Report