Citi is dropping after warning the Senate GOP tax bill could cost it $20 billion
Dec 7, 2017, 03:06 IST
Advertisement
- Citigroup fell 1.4% Wednesday after CFO John Gerspach warned at an investor conference that the GOP's Senate tax bill could cost the bank $20 billion.
- 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.