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News > Companies
Citigroup WTC impact
September 17, 2001: 12:06 p.m. ET

Financial conglomerate sees terrorist attack shaving 12-14 cents off 3Q EPS
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NEW YORK (CNNfn) - Citigroup Inc. said Monday it expects last week's terrorist attack on the World Trade Center to shave 12 cents to 14 cents off its third-quarter results, largely from the payout of life insurance claims and from the closing of the stock exchange and many of its branches.

For the current quarter, New York-based Citigroup said it anticipates earnings will actually exceed Wall Street's estimates of 75 cents a share before the effects of the World Trade Center attack, according to earnings tracker First Call.

However, the company expects to shave that number by 10 cents a share for the payout of about $500 million in life insurance and workers compensation claims. The closure of the stock exchange and its branches could shave an additional $100 million to $200 million off earnings, or 2 cents to 4 cents a share, the company said.

The company still has not accounted for four employees who had been visiting customers at the World Trade Center Tuesday. graphic

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.