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Wed Apr 15, 2020, 07:50 AM

Citi 1Q profit falls 46% as virus hits US, global customers

Source: AP

NEW YORK (AP) Banking conglomerate Citigroup says first-quarter profit dropped 46% as it set aside billions to cover potentially bad loans. Citi set aside $7.03 billion for loan losses this quarter, up from $1.98 billion in the same period a year earlier. Citi is a large credit card issuer, focused primarily on consumers who keep and revolve a balance. Those customers are now at greater risk of default because many of them have lost their jobs. Citi also has a large international banking franchise and lends to companies around the globe, and some could default on their loans as business dries up.

Bank of America reported Wednesday that its quarterly profits dropped by 45% from a year ago, the latest major bank to say it took a hard hit from the coronavirus pandemic.

Like JPMorgan Chase and Wells Fargo, Bank of America had to set aside billions of dollars to cover potentially bad loans. Many of these loans were fine only weeks ago, but the pandemic has caused companies to shutter and millions of Americans to be put out of work.

The amount of money BofA set aside for loan losses nearly quintupled from a year ago, from $1.01 billion to $4.76 billion. The losses came from the banks consumer lending division BofA is a large credit card issuer and has a massive consumer banking business. The bank also reserved for bad loans in its lending division to businesses.

Read more: https://apnews.com/66b6a574386b82357167e1d5b72fffbe

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Reply Citi 1Q profit falls 46% as virus hits US, global customers (Original post)
usaf-vet Apr 2020 OP
denem Apr 2020 #1
treestar Apr 2020 #2
gab13by13 Apr 2020 #3
ProfessorGAC Apr 2020 #6
zentrum Apr 2020 #4
47of74 Apr 2020 #5
hatrack Apr 2020 #7

Response to usaf-vet (Original post)

Wed Apr 15, 2020, 08:10 AM

1. thoughts and prayers

 

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Response to usaf-vet (Original post)

Wed Apr 15, 2020, 08:14 AM

2. Note they still had a profit

Just not as big of one.

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Response to treestar (Reply #2)

Wed Apr 15, 2020, 08:23 AM

3. and they still have plenty of cash on hand.

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Response to treestar (Reply #2)

Thu Apr 16, 2020, 07:58 AM

6. First Place I Went

There's no loss! Nothing but a blip.

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Response to usaf-vet (Original post)

Wed Apr 15, 2020, 09:38 AM

4. ATM's not working in NYC

Most branches are closed so you need to deposit any checks you may have from before the shut down---but guess what? ATM's are often not accepting. They just spit the check back out.

Fantastic basic maintenance Citi!

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Response to usaf-vet (Original post)

Wed Apr 15, 2020, 01:49 PM

5. thoughts and prayers citibank

 

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Response to usaf-vet (Original post)

Thu Apr 16, 2020, 08:02 AM

7. Crying here . . . really . . . .

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