FILE - In this May 14, 2012, file photo, people arrive at JPMorgan Chase headquarters in New York. Legal troubles and regulatory scuffles keep piling up for the banking industry, a fact that's sure to drag down results when the banks start reporting fourth-quarter earnings beginning Friday, Jan. 11, 2013. (AP Photo/Mark Lennihan, File)
News Summary: Citigroup 4Q earns miss expectations
Published: 04:28:48 PM, Thu 17 January 2013 UTC
UP, BUT WEAK: Citigroup's fourth quarter earnings rose in the fourth quarter, but fell short of Wall Street's expectations. Citi earned $1.16 billion after paying preferred dividends, or 38 cents per share, in the three months ended Dec. 31. That compares with $933 million, or 31 cents per share, in the same period a year earlier.
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.
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