Citi Says Earned Less Than It Told Everyone Two Weeks Ago

Citigroup has cut its third quarter earnings down from $0.88 to $1.07 as it reported earlier this month.

The banks says that the cut is due to an $600 million increase in its legal reserves.

The stock is down 2% in after hours trading.

Citi also announced that it would exit 11 markets around the world during its third quarter earnings release.

More on this to come.