- The hit would stem from Citi writing down deferred tax assets, a charge analysts had previously estimated at only $12 billion, according to a Bloomberg report.
- Shares opened the day at $76.30 and fell to $75.44 at the closing bell.
ADVERTISEMENT
Citi is dropping after warning the Senate GOP tax bill could cost it $20 billion (C)
Citi stock fell 1.4% Wednesday after CFO John Gerspach warned the Senate tax plan could cost the firm $20 billion, a charge that would exceed analysts expectations.
ADVERTISEMENT
Recommended articles
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
10 African countries with the smallest merchant marine fleet
Beyond the reels: How augmented reality could revolutionize online slots
Effective real estate arbitrage strategies for wealth building
Amazon online shopping comes to South Africa
Nigerian officials accused of seeking $150 million bribe from Binance to dissolve case
Accelerating insurance penetration: A digital revolution in emerging markets
Nigeria's action against Binance execs sets a dangerous precedent, CEO says
5 African cities with the most financially stable people
