Citigroup’s Net Income Falls 73% on Settlement
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Citigroup Inc. profit tumbled 73% in the second quarter as a mammoth class-action settlement with WorldCom Inc. investors cut heavily into earnings.
The bank said it earned $1.14 billion, or 22 cents a share, down sharply from $4.3 billion, or 83 cents, a year earlier.
Revenue increased to $22.3 billion for the quarter, up 15% from a year earlier.
Citigroup in May agreed to a $2.65-billion settlement with investors in WorldCom, the disgraced telecommunications giant that was backed by Citigroup and other banks.
Citigroup shares fell 89 cents to $44.21 on the New York Stock Exchange.
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