Citigroup's earnings revised lower

Citigroup reported a $600m increase in legal expenses, forcing it to revise its previously-reported third-quarter earnings downward.

The group said the revision lowers its net income to $2.84bn or 88 cents a share, from the $3.44bn, $1.07 a share, in earnings it reported on 14 October.

"The increase [in legal expenses] resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters," Citigroup said in a statement.

Citigroup shares dropped 1.7% in after-hours trade Thursday.