Citigroup CEO Michael Corbat says the bank will take a massive $3.5 billion hit in Q4

By Julia La Roche

Citigroup's CEO Michael Corbat said the bank will take a $3.5 billion charge in the fourth quarter related to investigations and restructuring, CNBC reports.

Of that, $2.7 billion will be for probes and $800 million will be for restructuring as the bank closes franchises in some markets around the world, according to CNBC.

Corbat expects Citi to be "marginally profitable" in the fourth quarter, the report said.

Shares of Citi were last trading down more than 2%.

Corbat is speaking at the Goldman Sachs 2014 US Financial Services Conference in New York.