Citigroup Earnings Wiped Out by Tax Charge

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Citigroup Inc. said Tuesday that it lost $18.3 billion in the fourth quarter, its earnings wiped out by a $22 billion charge related to the new tax law.

While the law is expected to help Citigroup and other large U.S. banks over time, it is obscuring this quarter for many with large one-time costs. At Citigroup, that led to the largest quarterly loss ever, which amounted to $7.15 per share.

The…

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