Citigroup reported Q4/14 net income of $350 million on revenues of $17.8 billion compared to net income of $2.5 billion on revenues of $17.8 billion for Q4/13. Citi noted that legal and related expenses and repositioning charges totaled $3.5 billion in the current quarter, compared to $1.0 billion in the prior year period.

Citigroup full year 2014 net income was $7.3 billion on revenues of $76.9 billion, compared to net income of $13.7 billion on revenues of $76.4 billion for the full year 2013. Full year 2014 results included a charge of $3.8 billion ($3.7 billion after-tax) to settle RMBS and CDO-related claims.

Michael Corbat, CEO of Citigroup, said, “While the overall results for 2014 fell short of our expectations, we did make significant progress on our top priorities. During the year, we increased our market share among our target institutional clients, grew our core loan book, and improved both our net interest revenue and margin from 2013 levels. For the first time since its establishment, Citi Holdings was profitable for the full year and we accelerated the utilization of our deferred tax assets. We strengthened our capital planning process and made Citi a safer and stronger institution, as evidenced by the increases to our capital, leverage and liquidity ratios. Although we made some difficult decisions over the course of the year, I believe they allowed us to put our franchise in a position to have a successful 2015.”

To view the full Citigroup news release, click here.