Citigroup to Take $2.7B 4Q Charge for Legal Costs

The transcript covers a conference where Citigroup's CEO, Michael Corbat, announces $2.7 billion in legal costs and $800 million in repositioning expenses for the fourth quarter. This news has led to a 2.4% drop in Citigroup's stock price. The transcript also reviews Citigroup's past legal expenses and ongoing investigations related to currency markets, Libor, and money laundering, particularly involving its unit in Mexico.

How much did Citigroup report in legal expenses in the third quarter?

What investigations are mentioned that are related to Citigroup's legal expenses?