Citigroup profit hit by more than US$2b in charges

Citigroup posted US$2.32 billion of charges for layoffs and lawsuits in the first financial report under its new chief executive, Michael Corbat, who cautioned that the bank needs more time to deal with the problems it faces.

Even with the charges, Citi reported a higher fourth-quarter profit as trading revenue rebounded. But the result was well below Wall Street expectations.

via Business feed http://www.scmp.com/business/banking-finance/article/1130881/citigroup-profit-hit-more-us2b-charges