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Citi Slumps After Warning of Costs Rising and Revenue Slipping

  • Expenses to rise following consent orders from regulators
  • Citi in ‘a very different place than we were a year ago’: CFO

Citigroup Inc. shares fell the most in five months after the bank warned expenses would increase sharply as it invests to satisfy a pair of consent orders from regulators.

Expenses in the second quarter will likely jump to “somewhere in the middle” of a range of $11.2 billion to $11.6 billion, Chief Financial Officer Mark Mason told investors at a virtual conference Tuesday. That compares with costs of $10.4 billion a year earlier.