Citigroup to post $2.7 billion in added legal costs in fourth-quarter: CEO

09/12/2014 - 16:37

(Reuters) - Citigroup Inc will record $2.7 billion in additional legal costs and another $800 million of repositioning charges in the fourth quarter, Chief Executive Officer Mike Corbat said on Tuesday.

Corbat, speaking at an investor conference in New York, said the legal costs stemmed from investigations into foreign exchange trading, setting of LIBOR interest rates and compliance with rules against money laundering. The added expenses will leave the company "marginally profitable" in the fourth quarter, he said.

(Reporting by David Henry in New York; Editing by Jeffrey Benkoe)