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

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 to be released on January 12, 2024. Citi also completed changes to its operating model in the fourth quarter of 2023, which included the elimination of certain operating segments and the establishment of new ones. The company provided a summary of historical financial information to assist with comparability in future earnings materials and will reflect its new financial reporting structure in its Annual Report for the fiscal year ended December 31, 2023.