Citigroup Avoids Q4 Loss As Trading Slump, Legal Charges Hurt Results

Facing a string of legal action for its alleged role in manipulating benchmark interest rates and foreign exchange rates, and for its anti-money laundering controls at Mexican subsidiary Banamex, Citigroup had announced plans to set aside $2.7 billion to cover various settlement costs in December. Investors had already factored this legal charge as well as an additional $800 million in one-time restructuring costs into the bank's Q4 results. While investors also expected a poor showing by the ba...