Citigroup Inc (NYSE:C) slashed its third-quarter earnings by $600 million due to ‘rapidly evolving regulatory inquiries and investigation’ over alleged manipulation of foreign exchange markets.
Other leading banks including JPMorgan Chase & Co. (NYSE:JPM) have enhanced legal reserves as well amid the foreign-exchange investigations.
Probe into forex business
Earlier this month, while unveiling its third-quarter results, Citigroup Inc. (NYSE:C) disclosed earnings of $1.07 per share, while net income was $3.4 billion or $3.7 billion excluding CVA/DVA.
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