JPMorgan Chase & Co.
Citigroup restates earnings because of regulatory probes

Citigroup Inc. has slashed its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported this month. The New York bank Thursday revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses. Citigroup's operating expenses rose from $12.36 billion to about $13 billion. The company said in a statement that the unexpected increase came from "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters." Citi previously reported third-quarter net income...