By Tatiana Bautzer and Niket Nishant
(Reuters) – Citigroup’s full-year revenue is expected to be towards the lower end of its previous forecast, at around $78 billion, Chief Financial Officer Mark Mason said at a conference on Wednesday.
He cited the situation in Argentina as one of the factors reducing revenue. “The Argentina elections for example, that is going to put pressure on revenue for a couple of hundred million dollars. Thinking about the currency impact, that’s the cost of us doing business there.”
Mason said Citi is ‘on track’ to complete its full reorganization by the end of the first quarter in 2024. The bank’s CFO estimates the bank will spend around $1 billion in a combination of repositioning and restructuring charges.
The reduction of expenses to $51 billion to $53 billion is attainable and will increase the bank’s profitability, he added. Citi has a target for the return on average tangible common shareholders equity, a measure of profitability known as ROTCE, to 11 to 12% over the next years.
(Reporting by N%, up from Niket Nishant in Bengaluru and Tatiana Bautzer in New York)
