Published January 17, 2013
NEW YORK – 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.