Citigroup Taking Charges on Argentina, Russia and Its Own Restructuring

Citigroup recorded a litany of one-time charges and expenses in the fourth quarter related to its exposures to Argentina’s debt market, Russia’s political instability and the bank’s own restructuring plan.

Citi said Wednesday in a regulatory filing that it set aside $1.3 billion in reserves to account for risks in Argentina and Russia. The recent devaluation of the Argentine peso also wiped out about $880 million in revenue from the bank’s services, markets and banking division, the bank said.