Affected by recent regulatory penalties, Citigroup's costs are at the upper end of previous expectations.

Jinshi Data News on July 12th, Citigroup (C.N) stated that after facing a series of regulatory penalties in recent months, its costs for this year may be at the higher end of previous expectations. Citigroup's second-quarter expenses decreased by 2% to $13.35 billion, slightly better than the analyst average expectation of $13.4 billion. Stricter guidance suggests that the bank's cost-cutting measures may not be as straightforward and smooth as many investors had hoped, as the bank is moving forward with a major turnaround plan under CEO Jane Fraser. This effort is occasionally hindered by regulatory issues and other operational mistakes at Citigroup.