Citigroup Projects Substantial Losses As Argentine Peso Decline and Restructuring Costs Soar
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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00:00 It's Benzinga and here's what's on the block.
00:02 Citigroup warned investors that charges related to the decline of the Argentine peso and its
00:07 corporate restructuring were much higher than previously disclosed by the CFO.
00:11 The bank estimated $880 million in losses from the peso and $780 million in restructuring charges.
00:18 The CFO had signaled a couple hundred million for each.
00:22 The higher than expected charges could result in a $1 per share loss
00:26 for fourth-quarter earnings being reported on Friday, according to an analyst.
00:30 The bank still expects to meet its 2023 expense guidance and restructuring target,
00:35 but shifting forecasts have further eroded investor confidence.
00:38 For all things money, visit Benzinga.com.