Citigroup reports steep Q4 losses tied to US tax reform
US flag
New York - Muslimchronicle
Citigroup on Tuesday reported steep fourth-quarter losses driven by a one-time charge from the recent US tax cuts.
Net losses for the final quarter of 2017 were $18.3 billion, or $7.15 per share, due to a $22 billion charge stemming from re-measurement of tax-deferred assets under the new tax law and repatriation of foreign earnings, the company said in a statement.
Many US companies have announced such charges for the fourth quarter due to the recently-passed tax reform, though they expect to see a reduced tax burden going forward.
Source: AFP
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