Citigroup Revises Third Quarter Earnings Due to Regulatory Probes

Citigroup has revised its third quarter earnings to factor in large legal fees. The bank slashed $600 million off results reported earlier this month due to regulatory investigations. Net income earnings were down to $2.8 billion dollars from a previously reported $3.4 billion. While Citigroup's operating expenses rose from $12.36 billion to about $13 billion. The company stated that the increase was down to rapidly evolving regulatory inquiries and investigations. Citi's previously reported third quarter results had exceeded Wall Street estimates at $1.07 per share. Along with other major banks, Citigroup has been a target of lawsuits and government investigations since the financial crisis of 2008.