Citigroup is expected to report profit more than doubled to $3.14 billion in the quarter or $14.2 billion for the year.
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Combined profit at the six largest U.S. banks jumped last year to the highest level since 2006, even as the firms allocated more than $18 billion to deal with claims they broke laws or cheated investors.Wells Fargo, the fourth-largest U.S. bank, is set to announce the biggest annual profit, surpassing JPMorgan's for the first time since 2009, according to analysts' estimates.JPMorgan, the nation's biggest bank by assets, will probably say profit slid 14 percent to $4.9 billion, according to analysts. JPMorgan allocated $11.1 billion to litigation and legal costs during the first nine months of 2013, the most among the six lenders, according to quarterly reports banks filed with the Federal Reserve. That compared with $4.8 billion at Bank of America Corp. and $1.4 billion at Citigroup Inc.The six banks' combined litigation and legal expenses in the nine months rose 76 percent from a year earlier to $18.7 billion, higher than any annual amount since at least 2008 . The costs increased at all the firms except Wells Fargo, where they fell 1.2 percent to $413 million, and Morgan Stanley, which reported a 14 percent decline to $211 million. The industry's revenue from equity trading probably jumped 33 percent from a year earlier, Matt O'Connor, a New York-based analyst at Deutsche Bank AG, wrote in a Dec. 20 note.
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