Citi Could Soon Report Its Largest-Ever Quarterly Loss

If the Senate's tax reform bill becomes law, Citigroup (NYSE: C) would be a $20 billion loser -- at least on paper.

At a conference on Wednesday, the bank's chief financial officer, John Gerspach, told analysts that the company believes the passage of the Senate tax bill would force it to take $20 billion of accounting charges on tax assets stemming from its financial crisis losses.

In January 2008, Citigroup rattled the markets when it reported a $9.8 billion fourth-quarter loss, driven primarily from subprime write-offs. It was only the start of a flurry of bad news and big losses, as the financial crisis was really just getting started.

Source: Fool.com