Citigroup Taking Charges on Argentina, Russia and Its Own Restructuring | EUROtoday

Citigroup recorded a litany of one-time expenses and bills within the fourth quarter associated to its exposures to Argentina’s debt market, Russia’s political instability and the financial institution’s personal restructuring plan.

Citi mentioned Wednesday in a regulatory submitting that it put aside $1.3 billion in reserves to account for dangers in Argentina and Russia. The current devaluation of the Argentine peso additionally worn out about $880 million in income from the financial institution’s providers, markets and banking division, the financial institution mentioned.