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Citigroup at risk of quarterly loss after charges come in far higher than initially disclosed - TL;DR CNBC

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

Tickers: GSC

Keywords: earningsbusiness newsinvestment strategybankscitigroup incbreaking news: marketsgoldman sachs group incbreaking news: businessbreaking news: investingbusiness

Source: https://www.cnbc.com/2024/01/10/citigroup-risk-quarterly-loss-after-disclosing-charges.html


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