Tags: citigroup | forex

Peabody: Citigroup May Take $5 Billion 'Hit' on Forex

Wednesday, 20 Jun 2012 09:09 AM

 

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Citigroup Inc. could take a $3 billion to $5 billion “hit” this quarter related to foreign exchange, said Charles Peabody, an analyst at Portales Partners LLC.

“You will see value destruction in terms of their book value as a result of their foreign-exchange risk,” Peabody said Wednesday in an interview with Tom Keene on Bloomberg Television’s “Bloomberg Surveillance.”

Peabody said other large U.S. lenders such as Bank of America Corp. and Wells Fargo & Co. don’t face the same risks as New York-based Citigroup because they are focused more on domestic markets.

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