The financial gigantic Citigroup Inc. is reportedly deleted for losing loans in the midst of macro -economic uncertainty.
To tackle the potential losses, the investment bank is planning to put hundreds of millions of dollars aside than in the previous quarter, Bloomberg report.
While this week he spoke at a Morgan Stanley conference, Vis Raghavan, the head of Citigroup, reportedly warned that the company’s credit reserve could change its prospects quickly.
“Given the macro environment, etc., credit costs compared to the past quarter, we expect to be a few hundred million.”
However, Bloomberg also reports that analysts expect the losses of loans to fall in the second quarter.
Raghavan said that 80% of Citigroup’s company exposure is for entities with high creditworthiness.
“We still have a few weeks to go in this quarter, but in general I am incredibly reassured by the quality.”
However, the executive, however, notes that the company of the investment banking of the company has been hurt by the constant macro -economic uncertainty.
“What investment banking likes is clarity. So it is really bad or really good, whatever it is, just give us the news, but it is that middle area of not knowing that market activity really freezes.”
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