Citigroup

Citi (NYSE:C)  is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Citigroup Allowance for Credit Losses Up 8% in 3Q

/ / Financials /

Citigroup’s allowance for credit losses on loans climbed to about $17.6B in 3Q from $16.3B in the prior-year quarter. The net build was driven by its branded cards and retail services business, primarily from a rise in credit balances. The bank took on $1.64B in credit losses during 3Q, up 85% from a year ago and 9% from 2Q. The increase was largely coming from Citigroup’s personal banking and wealth management business, along with a smaller jump in its legacy franchises.

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