US tax rate cut could bring $4 billion charge, says Citigroup CFO


If federal corporate tax rates decline 20 per cent under President-elect Donald Trump, Citigroup Inc may have to take a $4 billion charge to profits to reflect lower values for its deferred tax assets, the bank's chief financial officer said on Wednesday. However, a charge of that size and nature would not hurt the amount of capital that Citigroup reports to regulators under rules designed to ensure the soundness of banks, CFO John Gerspach said at an investor conference that was webcast.

After the U.S. election results.....

This article is no longer available in our repository.

There could be multiple reasons for this.