Citigroup quarterly profit plummets as flood of defaults loom
The bank recorded a $4.89bn expense in the quarter to boost reserves against anticipated losses on loans, primarily in its credit card division
15 April 2020 - 16:41
Bengaluru/New York — Citigroup reported a 46% plunge in quarterly profit on Wednesday as the bank set aside nearly $5bn to prepare for an expected flood of defaults on loans due to a virtual halt in economic activity caused by the coronavirus pandemic.
The Covid-19 crisis has temporarily shuttered businesses around the world, put millions out of work in the US alone, and is expected to cause the deepest recession in recent memory...
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