In Q1, Citigroup Got Notification From FDIC That FDIC Special Assessment Estimate To Increase To $20.4B; In Q1, Increased Its Total Accrued Estimated Liability To $2B For The FDIC Special Assessment
Portfolio Pulse from Benzinga Newsdesk
In Q1, Citigroup received a notification from the FDIC indicating an increase in the FDIC Special Assessment estimate to $20.4 billion. Consequently, Citigroup increased its total accrued estimated liability for this assessment to $2 billion, as reported in an SEC filing.
May 03, 2024 | 10:59 pm
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Citigroup has increased its accrued liability for the FDIC Special Assessment to $2 billion in response to the FDIC's revised estimate of $20.4 billion.
The increase in the FDIC Special Assessment estimate to $20.4 billion and Citigroup's subsequent increase in its accrued liability to $2 billion is a significant financial development. This move directly impacts Citigroup's financial planning and reserves, indicating a substantial additional expense. The negative score reflects the potential pressure on Citigroup's financial resources and possibly its stock price in the short term, as investors may react to the increased financial burden.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100