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Citigroup CFO says cut in U.S. tax rate could bring $4 billion charge


NEW YORK If newly elected U.S. officials were to reduce federal corporate taxes by 20 percent, Citigroup Inc (C.N) could have to take a $4 billion charge to profits to reflect lower values for its deferred tax assets, Citi’s chief financial officer said on Wednesday.

However a charge of that size and nature would not hurt the amount of capital that Citigroup reports to regulators under rules designed to ensure the soundness of banks, CFO John Gerspach said at an investor conference.


(Reporting by David Henry in New York; Editing by Jeffrey Benkoe)

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Reuters