Citigroup brackets for loan losses, set aside hundreds of millions of dollars for a possible decline in a difficult Macro environment: Report
According to what was reported, Citigroup Inc. The financial giant for loan losses amid total economic uncertainty.
To deal with possible losses, the Investment Bank plans to plan hundreds of millions of dollars more than it was in the previous quarter, Bloomberg Reports.
Speaking at the Morgan Stanley conference this week, Vis Raghavan, Citigroup President of Banking Services, warned that building the company’s credit reserves can change its view quickly.
“Given the total environment, etc., the cost of credit compared to the last quarter, we expect a few hundred millions to rise.”
However, Bloomberg stated that analysts expect loan losses to decrease in the second quarter.
Raghavan said 80 % of Citigroup’s exposure to Citigroup is high -credit merit.
“We still have a few other weeks to go in this quarter, but on overall credit, I am incredibly assured of quality.”
The executive authority is said to indicate that the company’s investment business has been damaged by the continuous total economic uncertainty.
“What the investment banking services likes is clarity. Either it is really really bad or good, whatever it is, just gave the news, but this middle field is not to know that the market activity is really freezing.”
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