Broken deal with Revlon forces Citigroup to take another $ 390 million hit

Broken deal with Revlon forces Citigroup to take another $ 390 million hit

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Citigroup Inc said on Friday it recorded an additional $ 390 million in operating expenses in the fourth quarter of 2020 after a U.S. federal judge ruled it was not entitled to recover the money it he had mistakenly transferred to lenders from Revlon Inc last year.

As a result, Citigroup revised its fourth quarter earnings to $ 1.92 per share, from $ 2.08, according to a filing.

CITIGROUP ‘FAILURES’ CITED IN CEO PAY CUT AS HE TAKES LEAD OF EXIT

In August, an “operational error” caused Citigroup to send $ 893 million of its own funds to the cosmetics company’s lenders, appearing to pay off a loan not due before 2023, when it intended to send only $ 7.8 million in interest.

TickerSecurityLastChangeChange% CCITIGROUP,…Read more

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