Citigroup takes charges in new CEO's first financial report

Published January 17, 2013

| Reuters

Citigroup Inc posted $2.32 billion of charges for layoffs and lawsuits in the bank's first financial report under its new chief executive, Michael Corbat.

Even with the charges, the bank reported higher fourth-quarter profit on Thursday as trading revenue rebounded from a year earlier.

Net income was $1.2 billion, or 38 cents a share, compared with $956 million, or 31 cents a share, in same quarter of 2011.

Results were reduced by new legal costs of $1.29 billion, or 27 cents a share, and a previously announced corporate restructuring charge of $1.03 billion, or 21 cents a share.

Expenses recorded for changes in the value of some of the bank's debt and obligations of derivatives counterparties were 10 cents a share, compared with 1 cent a year earlier.

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