Citigroup Faces Major Losses Amid Argentine Peso Collapse and Restructuring Expenses 📉

Citigroup warned investors that charges related to the decline of the Argentine peso and its corporate restructuring were much higher than previously disclosed by the CFO. The bank estimated $880 million in losses from the peso and $780 million in restructuring charges. The CFO had signaled "a couple hundred million" for each. The higher-than-expected charges could result in a $1 per share loss for fourth-quarter earnings being reported on Friday, according to an analyst.