Originally published at www.seclive.com
Citigroup, Inc. (C) announced its financial results for the second quarter of fiscal year 2014, posting earnings that were heavily impacted by a settlement with the U.S. Department of Justice. The bank's revenue fell 6% from $20.5B in the year-ago quarter to $19.3B, with trading revenue dropping 16%. Citigroup settled with the DoJ for $7B and applied a $3.8B charge before taxes in second quarter related to its role in making bad mortgage securities leading up to the financial crisis in 2007 through 2009. Adjusted earnings per share were $1.24, beating analyst predictions of $1.05 per share. Adjusted net income increased 1% from the year-ago $3.89B to $3.93B. CEO Michael Corbat commented that despite the impact of the settlement on its net income, the company continued to grow its business and reduce expenses.
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