Citigroup Catches a $500 Million Break -- Can the Stock Finally Turn It Around?
It hasn't exactly been an easy year for Citigroup (NYSE: C). It stock price is down close to 20% and trades at a rock-bottom valuation. While the bank's multi-year transformation plan is now firmly in place, the plan ran into several hitches along the way that led to write-downs, it still has regulatory issues to work through, and it faces higher capital requirements going forward.
But Citigroup finally caught a break -- and to the tune of $500 million. Can the stock keep the momentum going and start turning things around? Let's take a look.
In 2020, Citigroup accidentally wired $900 million to a number of companies that loaned money to the cosmetics brand Revlon.
Source Fool.com
