rom Business Insider:
Wall Street has been bracing for a billion-dollar currency manipulation investigation that will be over in a few weeks, says The Wall Street Journal.
In the past few weeks, it seems banks have been scrambling to prepare for whatever regulators on both sides of the pond may find after a fairly boring earnings season. Performance was average to slightly below, and the total trading rout banks expected didn’t turn out to be that bad.
But then the disclosures started coming.
First Citigroup revised its earnings down to $0.88 per share from $1.07 per share to add $600 million to its legal reserves.