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Citigroup CFO sees $ 20 billion hits if the Senate bill is signed



Citigroup Inc. expects to charge a non-cash charge to earnings of around $ 20 billion if the US Senate version is enacted. UU Of the project of fiscal reform, said the Financial Director John Gerspach.

The blow to the benefit would derive mainly from the The bank wrote down its deferred tax assets in the period in which the invoice is signed, Gerspach said at an investor conference in New York on Wednesday. Approximately $ 3 billion to $ 4 billion of the charge would come from the imposition of unremitted foreign earnings.

"According to what we understand on that tax bill, our best estimate would be in the year that the bill is signed that we will probably have a blowout of $ 20 billion," said Gerspach.


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