Citigroup Projects Substantial Losses As Argentine Peso Decline and Restructuring Costs Soar

Benzinga 2024-01-11

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Citigroup warned investors that charges related to the decline of the Argentine peso and its corporate restructuring were much higher than previously disclosed by the CFO. The bank estimated $880 million in losses from the peso and $780 million in restructuring charges. The CFO had signaled "a couple hundred million" for each. The higher-than-expected charges could result in a $1 per share loss for fourth-quarter earnings being reported on Friday, according to an analyst.

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