SCGLF - Citigroup expected to write down $100M on Russian FICC exposure - IFR

Citigroup (C -2.5%) tops the list of global investment banks with the biggest exposure to Russia in emerging market fixed-income and currencies trading at $100M, reports International Financing Review. Goldman Sachs (GS -1.8%) and Societe Generale (OTCPK:SCGLF -5.6%) each lost ~$50M and JPMorgan Chase (JPM -3.0%) lost ~$30M, IFR said, citing sources familiar with the matter. The executives pointed out that assets remain extremely volatile with mark-to-market positions changing on a daily basis. The banks' desks trade a range of products tied to local market interest rates, credit, and currencies. Russia-related losses, though, are expected to increase in coming months due to the highly uncertain geopolitical outlook and the complexity in unwinding Russian exposure after a slew of sanctions were imposed on many Russian entities. And while the Citi (NYSE:C) writedown is expected to be ~$100M, the losses are small considering large banks' global markets operations generate billions of dollars

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Citigroup expected to write down $100M on Russian FICC exposure - IFR