Citigroup revises earnings lower after losing Revlon case

Citigroup Inc said on Friday it recorded an additional $390 million in operating expenses in the 2020 fourth quarter after a federal judge ruled that it was not entitled to recoup the money it mistakenly wired to lenders of Revlon Inc last year.

As a result, Citigroup revised its fourth-quarter earnings to $1.92 per share down from $2.08, according to a filing.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.