Form 8-K CITIGROUP INC For: Jan 10
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Citigroup (C) Issues Guidance Ahead of Q4 Results
January 10, 2024 4:32 PM ESTThe fourth quarter of 2023 pretax results for Citigroup (NYSE: C) were impacted by the following new discrete item:
Citi recorded a $1.3 billion reserve build in the quarter related to increases in transfer risk associated with exposures outside the U.S., driven by safety and soundness considerations under U.S. banking law; more specifically, cross-border and cross-currency exposures in Argentina ($720 million), based on prevailing economic trends, currency devaluation and geopolitical risk that may impact Argentinas ability to sustain external debt service, and in Russia ($580 million) for the prolonged political and economic instability. For additional... More
