Citigroup at risk of quarterly loss after charges come in far higher than initially disclosed
Publishing timestamp: 2024-01-11 11:21:29
Summary
Citigroup warned investors that charges related to the decline of the Argentine peso and the bank's reorganization were higher than previously disclosed. The fourth-quarter results were impacted by $880 million in currency conversion losses and $780 million in restructuring charges. These charges are significantly higher than what was initially expected. Citigroup also disclosed the need to build reserves due to exposure to Argentina and Russia, as well as an expense for a special FDIC assessment. The charges are likely to result in a fourth-quarter loss. Despite skepticism, some analysts recommend Citigroup stock, stating that it is undervalued.
Sentiment: NEGATIVE
Keywords: earnings, business news, investment strategy, banks, citigroup inc, breaking news: markets, goldman sachs group inc, breaking news: business, breaking news: investing, business,
Source: https://www.cnbc.com/2024/01/10/citigroup-risk-quarterly-loss-after-disclosing-charges.html