Daily News: September 30, 2013

Bloomberg: Citigroup Next Legal Target After JPMorgan

Bloomberg reported Citigroup is poised to be the next U.S. bank to attract legal and regulatory scrutiny as JPMorgan Chase looks to settle a host of probes, according to a Portales Partners analyst.

In a Bloomberg Radio interview, Charles Peabody of Portales said Citigroup’s $5 billion estimate of potential legal costs that weren’t covered by reserves at midyear is second only to JPMorgan, showing Citigroup may be bracing for more legal challenges, Peabody said.

To read the entire Bloomberg article, click here.