Citigroup lowered its third-quarter net income, the financial firm said Thursday, citing of legal costs.
The company, which reported quarterly earnings on Oct. 14, said it revised downward its third-quarter net income to $2.8 billion from $3.4 billion, lowering earnings per share to 88 cents from $1.07.
The announcement sent shares as much as 2 percent lower in after-hours trading.
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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.