Citigroup has reported earnings that are below Wall Street's expectations as the bank's legal expenses climb.
Citi said it earned $1.2 billion after paying preferred dividends, or 38 cents per share, in the three months ended December 31.
That compares with $933m, or 31 cents per share, the same time last year.
Excluding one-time costs related to restructuring and accounting for outstanding debt, the bank earned 69 cents per share.
That is well below the 97 cents per share analysts polled by FactSet were expecting.
Revenue rose to $18.7 billion, up 8% from the same time a year earlier and slightly below forecasts. The bank had $1.3 billion in legal and related expenses in the quarter.
