Citigroup profits down by 73%

Citigroup Inc, the world’s biggest bank, said second-quarter profit fell 73% after it set aside $4.95 billion to pay for legal costs.

Net income dropped to $1.14 billion, or 22 cents a share, from $4.3 billion, or 83 cents, a year earlier, the New York-based company in a statement.

Chief executive officer Charles Prince, 54, has reserved or paid almost $10 billion for claims stemming from Citigroup’s dealings with WorldCom Inc and Enron Corp and other companies that sought bankruptcy.