KEY TAKEAWAYS
- Citigroup shares fell after it reported higher fourth-quarter charges than previously anticipated linked to its exposure to Argentina and Russia, as well as its restructuring.
- Citi said it set aside $1.3 billion in reserves to cover its exposure to Argentina and Russia.
- The FDIC's special assessment led to expenses of $1.7 billion.
- Citi is due to release its fourth-quarter results Friday morning.
Citigroup (C) shares fell more than 2% in early trading Thursday after it reported higher fourth-quarter charges than it previously disclosed linked to its exposure to Argentina an♌d Russia, as well as its own overhaul.
Citi, which reports its fourth-quarter results Friday morning, said in a regulatory filing Wednesday that it had set aside a total of $1.3 billion in reserves for the fourth quarter tied to currency exposures in Argentina and Russia's ongoing political and economic instability. It also announced $780 million of charges related to CEO Jane Fraser's restructuring of the bank.
The New York bank lender said it expects to take a $1.7 billion charge to help refill the 澳洲幸运5官方开奖结果体彩网:Fede🍰ral Deposit Insurance Corporatio🅺n's (FDIC's) deposit insurance fund. The FDIC 澳洲幸运5官方开奖结果体彩网:imposed special fees to replenish the fund after the collapse of 澳洲幸运5官方开奖结果体彩网:Silicon Valley Bank and 澳洲幸运5官方开奖结果体彩网:Signature Bank.
CFO Mark Mason said in a post on the Citi's website that the bank remains on track to meet its medium-term targets.
Citi shares were down 2.7% at $51.60 per share as of about 11 :45 a.m. ET Thursday following the news. They have gained around 6% over the past year.