Citigroup Reveals Billions Of Charges In Q4 Ahead Of Earnings
Portfolio Pulse from Lekha Gupta
Citigroup Inc (NYSE:C) has disclosed several reserves and charges that will affect its Q4 2023 earnings. The bank recorded $1.3 billion in reserves for risks in Argentina and Russia, a $880 million revenue translation loss in Argentina due to currency devaluation, $780 million in restructuring charges, and a $1.7 billion charge related to the FDIC fund special assessment. Citigroup's Q4 earnings will be reported on January 12, 2024, and its shares are trading lower by 1.11% at $52.43 in premarket.
January 11, 2024 | 1:13 pm
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Citigroup Inc faces significant charges in Q4 2023, including reserves for international risks, currency devaluation losses, restructuring charges, and a substantial FDIC fund assessment charge.
The disclosed reserves and charges are substantial and directly impact Citigroup's financials for Q4 2023. The premarket stock price movement suggests a negative investor reaction to this news, indicating a likely short-term negative impact on the stock price.
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IMPORTANCE 90
RELEVANCE 100