Surprise! Citigroup hit with $2.7B legal charge

Michael Corbat is going to have to pay up.

Citigroup, which shelled out $7 billion to settle mortgage-related claims this year, will take a $2.7 billion charge in the fourth quarter related to legal expenses tied to settling charges it rigged currency and interest rates.

The surprise charge — expected to wipe out most of Citi’s quarterly profit — was dropped on shareholders Tuesday by CEO Corbat.

Read on.

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