From Dow Jones & Company:

Citigroup Inc. announced a $1.3 billion reserve in the fourth quarter due to risks in the economies of Argentina and Russia. The bank is set to release fourth-quarter results with Chief Financial Officer Mark Mason stating the bank is “on track” for its 2023 expense forecasts. Despite this, shares in Citigroup fell 1.6% after these announcements. In Argentina, new president Javier Milei has announced a 50% devaluation of the currency and cuts to services, which has led to protests. Citigroup lost roughly $880 million in revenue in Argentina due to the devaluation of the peso. The bank also recorded charges related to operating expenses and restructuring in the fourth quarter. Chief Executive Jane Fraser has been reorganizing the bank, shedding jobs and operations abroad.



Read more: Citigroup set aside $1.3 billion to cover risks related to Argentina and Russia