The Bank Slate


Citi records $1.3B reserve build for Argentina, Russia dealings

Citigroup in New York recorded a $1.3 billion reserve build in the fourth quarter tied to exposure in Argentina and Russia. 

The $2.4 trillion-asset company also disclosed in a regulatory filing that it took a roughly $880 million hit in the quarter due to recent devaluations to the Argentine peso.

Citi also said it recorded about $780 million in restructuring charges tied to its global overhaul.

Finally, Citi said it expects to incur a $1.7 billion cost to replenish the Federal Deposit Insurance Corp.’s deposit insurance fund – an amount that is 3% more than what the company forecast late last year.

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