Thursday, January 17, 2013 11:28 am
News Summary: Citigroup 4Q earns miss expectations
By The Associated Press
LEGAL BILLS: Part of the reason for Citi's weakness was an increase in legal and related expenses, which reached $1.3 billion in the quarter. Much of that was due to a settlement with federal regulators announced last week in connection with Citigroup's foreclosure practices.
NEW LEADERSHIP: It was Citigroup's first quarter under the leadership of CEO Michael Corbat, who took the helm after Vikram Pandit resigned abruptly in October.