Citigroup profit tumbles as loan defaults loom [Yahoo! Finance News]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: Yahoo! Finance News
FILE PHOTO: Workers are seen at Citibank offices in the Canary Wharf financial district in LondonBy Imani Moise and David Henry) - Citigroup Inc reported a 46% plunge in quarterly profit on Wednesday as the bank set aside nearly $5 billion to prepare for an expected flood of defaults on loans due to a virtual halt in economic activity caused by the coronavirus pandemic.The novel coronavirus outbreak has temporarily shuttered businesses around the globe, put millions out of work in the United States alone and is expected to cause the deepest recession in recent memory.Wall Street banks are bracing themselves for a sharp rise in loan defaults as rising unemployment rates leave Americans cash- strapped and unable to make payments on their credit cards, mortgages and other loans.Lenders with more exposure to unsecured loans such as credit cards are more susceptible to hefty writedowns, as credit card delinquencies have historically risen in lockstep with unemployment.Citigroup recorded a
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News
- Citigroup (NYSE:C) had its "neutral" rating reaffirmed by analysts at UBS Group AG.MarketBeat
- Citigroup (NYSE:C) had its "outperform" rating reaffirmed by analysts at Royal Bank Of Canada. They now have a $121.00 price target on the stock.MarketBeat
- Citigroup (NYSE:C) was given a new $135.00 price target on by analysts at Piper Sandler.MarketBeat
- Citigroup (NYSE:C) had its "overweight" rating reaffirmed by analysts at Morgan Stanley.MarketBeat
- Citigroup (NYSE:C) was given a new $144.00 price target on by analysts at Oppenheimer Holdings, Inc..MarketBeat
C
Earnings
- 1/15/26 - Miss
C
Sec Filings
- 1/16/26 - Form 424B2
- 1/16/26 - Form 424B2
- 1/16/26 - Form 424B2
- C's page on the SEC website