Summary by Futu AI
Citigroup Inc. reported a series of financial impacts for the fourth quarter of 2023, including a $1.3 billion reserve build due to increased transfer risk associated with exposures outside the U.S., particularly in Argentina and Russia. The reserve build was driven by economic trends, currency devaluation, and geopolitical risks that may affect Argentina's ability to sustain external debt service, and by prolonged political and economic instability in Russia. Additionally, Citigroup recorded a $1.7 billion charge to operating expenses related to the Federal Deposit Insurance Corporation special assessment, an approximate $880 million translation loss in revenues in Argentina due to peso devaluation, and approximately $780 million in restructuring charges. These items will be reflected in Citi's fourth quarter and full-year 2023 earnings materials...Show More