Citigroup profit to take $3.8 billion hit on charges, reserves – Business & Finance

NEW YORK: Citigroup booked about $3.8 billion in combined charges and reserves that will erode its fourth-quarter earnings set to be reported on Friday, according to a filing.

The bank stockpiled $1.3 billion in reserves to cover risks outside the US, particularly currency exposure in Argentina and Russia, it said on Wednesday. It booked $780 million in restructuring charges, include severance…