Citigroup pre-announces ~$4.7B in Q4 charges: reserve build, FDIC assessment, Argentina loss, restructuring

CITIGROUP INC

$1.3B reserve build for transfer risk: Argentina ($720M) and Russia ($580M) exposures.
$1.7B FDIC special assessment charge, revised up from prior ~$1.5B estimate.
$880M translation loss in Argentina revenues from peso devaluation; partially offset by $250M NII.
$780M restructuring charges from organizational simplification, mainly severance and impairments.
New reporting segments effective Q4 2023: Services, Markets, Banking, U.S. Personal Banking, Wealth.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

CITIGROUP INC reported financial results for fourth quarter and full-year 2023.

Period: fourth quarter and full-year 2023
Result: reported results

Exact text from the filing

These items will be reflected in Citi’s fourth quarter and full-year 2023 earnings materials to be released on January 12, 2024.

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Source: SEC EDGAR

accession 0001104659-24-002981

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