Citigroup Restates Q3 Results Amid Mounting Currency Probes

Citigroup Inc (NYSE:C) slashed its third-quarter earnings by $600 million due to ‘rapidly evolving regulatory inquiries and investigation’ over alleged manipulation of foreign exchange markets. Other leading banks including JPMorgan Chase & Co. (NYSE:JPM) have enhanced legal reserves as well amid the foreign-exchange investigations. Probe into forex business Earlier this month, while unveiling its third-quarter results, Citigroup Inc. (NYSE:C) disclosed earnings of $1.07 per share, while net income was $3.4 billion or $3.7 billion excluding CVA/DVA. In its regulatory filing Friday, New York-based Citigroup Inc. (NYSE:C) disclosed that it’s facing a U.S. criminal probe into the bank’s foreign exchange business. The…