Finance
Citigroup Warns Costs Likely to Be at High End of Forecast
- All five of Citi’s major divisions notched gains in revenue
- Trading aided by $400 million gain tied to Visa share exchange
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Citigroup Inc. said costs for the year are now likely to be at the high end of the range it previously provided after the bank faced a series of regulatory penalties in recent months.
In the second quarter, Citigroup was able to whittle expenses down 2% to $13.35 billion, which was slightly better than the $13.4 billion average of analyst estimates compiled by Bloomberg.