Citigroup Expenses Bring Total to $13 Billion on Corbat’s Watch
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Citigroup Inc.’s fourth-quarter legal expenses and costs for shrinking the business will bring the total for those items under Chief Executive Officer Michael Corbat to $13.3 billion, more than half of the bank’s earnings in his 26-month tenure.
Corbat, 54, said today the New York-based bank will report $2.7 billion in quarterly legal expenses, the most since he became CEO in October 2012, data from company reports show. An estimated $800 million in costs to dismiss workers and close branches and offices will be the most since the quarter when Corbat succeeded Vikram Pandit in the CEO role.