Citigroup's $18 Billion Loss - Forecast Of Financial Crisis
Smell of Financial Crisis is booming with the latest story of Citibank. Citigroup Inc. posted a staggering $18.3 billion loss in the fourth quarter of this financial year. This huge loss is almost more than the income of nine months. The average estimate of income by the bank was $1.22 per share, which actually came as $1.28, excluding the charge.
This fourth quarter loss in income is different from that of the last year 2016. That mainly happened due to President Donald Trump's surprise election victory and his stand about tax cuts. These results are more related to loss in derivatives related to a single unidentified client. This also caused 23% decline in the bank's stock-trading revenue.
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