JM News UK

Citi has been cutting costs and simplifying its structure by selling retail operations in a number of countries, shrinking its U.S. branch network and selling non-core businesses. Legal and restructuring costs plunged to $403 million (£270.36 million) in the first quarter ended March 31 from $1.16 billion a year earlier. Like other Wall Street banks, Citi has been hit by high legal expenses related to bad mortgage dealings and trading scandals in the aftermath of the financial crisis. The bank has exited or is exiting consumer businesses in countries including Japan, Turkey, Czech Republic and Hungary.