How Much Exposure to Russia Does Citigroup Have?
As Russia's invasion of Ukraine continues, many large banks and corporations are taking stock of their overall exposure in the country and preparing for potential losses, as war destabilizes the region and rocks the Russian economy. Being a highly global bank, Citigroup (NYSE: C) faces more exposure in the country than most U.S. banks. Earlier this year, Citigroup disclosed in a regulatory filing that it had as much as $10 billion of exposure in the country and faced as much as $4 billion in losses in a severe adverse scenario. Let's take a look at where the bank stands with its Russia exposure.
Citigroup's exposure to Russia hasn't gone away, but the bank did reduce its exposure during the first quarter of the year. Furthermore, Chief Executive Officer Jane Fraser said that the bank's plan "to sell significant portions of our local business in Russia remains." This decision was announced before Russia's invasion and is part of the bank's transformation plan, which involves selling numerous international consumer banking divisions.
Image source: Citigroup.
Source Fool.com
