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Algos Please Ignore: Citi Slashes Previously Reported Net Income Due To "Legal Investigations" Over FX Rigging Probe

Tyler Durden's picture




 

UPDATE:

  • *CITIGROUP SAYS DOJ, CFTC, OTHERS PROBING CITI'S FOREX BUSINESS
  • *CITIGROUP SAYS IT'S FULLY COOPERATING WITH PROBES, INQUIRIES

From 10-Q: Foreign Exchange Matters

Regulatory Actions: Government and regulatory agencies in the U.S., including the Antitrust Division and the Criminal Division of the Department of Justice and the Commodity Futures Trading Commission, as well as agencies in other jurisdictions, including the U.K. Financial Conduct Authority and the Swiss Competition Commission, are conducting investigations or making inquiries regarding Citigroup’s foreign exchange business.

 

Citigroup is fully cooperating with these and related investigations and inquiries.

Nothing to see here move along:

  • *CITIGROUP ADJUSTS 3Q DOWN ON $600M INCREASE IN LEGAL ACCRUAL
  • *CITIGROUP FINL IMPACT LOWERS CITI’S 3Q '14 NET  TO $2.8B FROM $3.45B
  • *CITIGROUP CITES REGULATORY INQUIRIES & INVESTIGATIONS

When did company earnings become like GDP: first release is highest, second is lower, third lowest? Aren't you glad you bailed this trustful people out?

Citi Statement:

Citi announced today that it is adjusting downward its third quarter 2014 financial results, from those reported on October 14, 2014, due to a $600 million increase in legal accruals.

 

The increase resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters.

 

The financial impact lowers Citi’s third quarter 2014 net income from $3.4 billion to $2.8 billion.

 

 

And this happened...

 

As a gentle reminder...


 

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Thu, 10/30/2014 - 16:23 | 5395369 Homey Da Clown
Homey Da Clown's picture

DOWN GOES FRAZIER!

Thu, 10/30/2014 - 16:29 | 5395375 12ToothAssassin
12ToothAssassin's picture

But they just got a stealth bailout via executive order! BuySecure. Read it.

Thu, 10/30/2014 - 16:40 | 5395405 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

 Aren't you glad you bailed this trustful people out?

"these" people ZH. Anyhow, it is impossible to put trustful and Citi the same sentence.

Thu, 10/30/2014 - 16:54 | 5395441 nope-1004
nope-1004's picture

ShittyGroup ??????

Thu, 10/30/2014 - 17:03 | 5395468 Headbanger
Headbanger's picture

Great!

Now max out all your Citi credit cards cause they're about to go ..

FULL LEHMAN!!

Thu, 10/30/2014 - 18:15 | 5395701 max2205
max2205's picture

Down 1% big whoop

Fine will be .000000001% of profit

Fuck these fuckers and the SEC

Thu, 10/30/2014 - 16:24 | 5395371 Divided States ...
Divided States of America's picture

Money out of shareholders right into the lawyers hands.....

Thu, 10/30/2014 - 17:16 | 5395499 Eternal Complainer
Eternal Complainer's picture

Just a little of your everyday drubbing.
No big deal..
Tomorrow we smash gold and silver like never before!
And the miners, especially the miners..

Thu, 10/30/2014 - 16:34 | 5395378 Squid Viscous
Squid Viscous's picture

Ho Lee Fuk! it's back where I could have bought it on Tuesday, oh the horror!

Thu, 10/30/2014 - 16:27 | 5395379 Ignorance is bliss
Ignorance is bliss's picture

I think there was a disturbance in the force. millions of 401k accounts suddenly cried out.

Thu, 10/30/2014 - 17:44 | 5395598 NoDebt
NoDebt's picture

It moved from 53.10 to 52.10

I wouldn't call that a freak-out level event.

Thu, 10/30/2014 - 16:28 | 5395381 Xibalba
Xibalba's picture

Thanks for the reminder that US Taxpayers bailed out a Saudi Prince....

Thu, 10/30/2014 - 16:27 | 5395382 john_connor
john_connor's picture

so the stock dropped from $53 to $52?

Thu, 10/30/2014 - 16:29 | 5395387 economessed
economessed's picture

We should have seen this coming -- of course criminal enterprises are going to consume legal resources at astronomically high levels. 

Thu, 10/30/2014 - 16:31 | 5395389 ZippyBananaPants
ZippyBananaPants's picture

Glad I bought puts on V today.

Thu, 10/30/2014 - 16:32 | 5395394 Squid Viscous
Squid Viscous's picture

wake me up when they have to reverse split again, nighty night

Thu, 10/30/2014 - 16:34 | 5395395 Bell's 2 hearted
Bell's 2 hearted's picture
  • *CITIGROUP CITES REGULATORY INQUIRIES & INVESTIGATIONS

Citi is in my bankster exacta for takedown next go round (yes, i do think one or two TBTFs will go down ... only politically way possible to bail the rest)

 

Bank of America my other candidate ... SIGTARP noted it found guilty of brazen fraud

Thu, 10/30/2014 - 16:59 | 5395455 12ToothAssassin
12ToothAssassin's picture

When BofA goes down, the show is over.

Thu, 10/30/2014 - 16:35 | 5395397 Theta_Burn
Theta_Burn's picture

Fuck Citi..

Used to be the best card in my wallet, with a 13.5% interest rate for YRS... late payment 2 times always forgiven... upon recieving my bill today i noticed I'm paying 29% now in interest.. 29%..

 

 

 

 

Thu, 10/30/2014 - 16:40 | 5395407 DetectiveStern
DetectiveStern's picture

Bend over and take it like a man.

Thu, 10/30/2014 - 17:52 | 5395622 frankTHE COIN
frankTHE COIN's picture

Trannies are up Huge this month.

Thu, 10/30/2014 - 16:42 | 5395411 booboo
booboo's picture

i gots me a platanium EBT from obazzmo shozizzle

Thu, 10/30/2014 - 18:20 | 5395726 eucalyptus
eucalyptus's picture

Right now citi is the only bank other than fidelity that will give you 2% cash back, no limits, no annual fee, no gimmicks on all purchases.

Fidelity's program only runs through amex so citi double cash is probably the best card out there right now.

Thu, 10/30/2014 - 16:37 | 5395402 sandhillexit
sandhillexit's picture

Look-back option.  would this have been a momentum accelerator on a down day? ( testing....testing.....)

Thu, 10/30/2014 - 16:37 | 5395403 ebworthen
ebworthen's picture

They're a bank, they'll be spanked, then sent back out to play.

Thu, 10/30/2014 - 16:37 | 5395404 Bell's 2 hearted
Bell's 2 hearted's picture

SIGTARP on BofA:

 

"In determining these penalty amounts, the Court highlighted the egregious 
nature of the fraud, stating that “[the bank’s loan] process was from start to finish 
the vehicle for a “brazen” fraud by the defendants, driven by a hunger for profits 
and oblivious to the harms thereby visited, not just on the immediate victims but 
also on the financial system as a whole.” The Court further explained that its 
“careful review of the evidence ha[d] convinced the Court, as it did the jury, that 
the evidence of the defendants’ fraudulent scheme and fraudulent intent was 
ample”

Thu, 10/30/2014 - 16:50 | 5395426 Callz d Ballz
Callz d Ballz's picture

Ahh, the good ol' faux shake down to score political points while back slapping behind closed doors...MOAR REGS PLEASE

Thu, 10/30/2014 - 17:01 | 5395460 voltrader66
voltrader66's picture

Holy Cow...stock down 1%...the sky is falling, the sky is falling.

Thu, 10/30/2014 - 17:36 | 5395563 Herdee
Herdee's picture

Maybe somebody in Government on both sides of the Atlantic doesn't like them for good reasons (like helping to almost bring down the global ponzi scheme) and they'll pick a fight with these guys next,because it's all about governments nailing anybody for tax money now.Governments are hard up and it's only because they need cash in order to fund their ongoing war efforts.They can't hit the little guy any longer,they'll kill the recovery.(if there really is one during this depression)

http://www.efxnews.com/story/26718/10y-pullback-bearish-eurusd-audnzd-br...

Thu, 10/30/2014 - 17:47 | 5395597 Everybodys All ...
Everybodys All American's picture

Amazing! Citi bank reports lowers their earnings outlook because of legal payments having to do with a fraud investigation on the firm with regard to their own currency manipulation activity.

Does anyone think they are the only one? The fraud is everywhere. The depths of this is something that I believe goes right into this WH and administration. Why else were there never any convictions from the last downturn and mortgage fraud?

The decay and deceit in this country has become so pervasive that I believe even the whole election process may be now broken as well. The left knows and does not live within any boundaries.

Fri, 10/31/2014 - 07:27 | 5397500 El Hosel
El Hosel's picture

FRAUD is legal tender for TBTF, enjoy the ATH....Bitchez

Thu, 10/30/2014 - 19:11 | 5395882 williambanzai7
williambanzai7's picture

I know, he is gone, but not in spirit

 

Thu, 10/30/2014 - 19:22 | 5395921 q99x2
q99x2's picture

You want to be in this market for the long haul. Long term investments. Just buy more each time and hold onto it.

BTFD bitchez.

Fri, 10/31/2014 - 01:18 | 5397083 Colonel Klink
Colonel Klink's picture

Shittibank, apparently and more appropriately criminal, thieving, shyster, shittibank.

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