Citigroup today reported an 86% drop in fourth-quarter earnings after paying $3.5 billion in legal charges and repositioning costs.
Earnings for the fourth quarter were $350m, down from $2.5 billion a year earlier.
Like other large banks, Citigroup has faced costly government settlements and private litigation over charges that it rigged interest rates and foreign exchange trades. Citi first announced the legal charge in December.
The bank's earnings also demonstrated weakness in its fixed income trading division, with revenues in this segment dropping 16% from the previous year to $2 billion.
Citi's global consumer banking segment reflected the impact from the higher dollar, with North American revenues advancing 4%, but revenues overseas regions dropping. Net income from this segment rose 8% to $1.7 billion.
Overall loans fell 3% to $645 billion from the prior year, while overall deposits were down 7% to $899 billion.
Compared to other banks like JPMorgan Chase and Wells Fargo, Citigroup is more exposed to international retail banking and less leveraged to the better-performing US economy.
Citi's earnings for 2014 were down 46.5% from last year at $7.3 billion.
