Citigroup has a loss of $18 billion in the fourth quarter as a one-off expenditu

On Tuesday, C.N released a $18 billion loss in the fourth quarter. It charges fees for the US new tax law, but its adjusted profit is better than that of Wall Street. And management suggests that the bank may soon improve its financial performance goals.
The new tax law, signed by US President Trump last month, made the fourth quarter profit of large banks in a mess. The new law has forced banks to make a profit on overseas profits and adjust the way of deferred tax assets, which has great impact on Citigroup.
However, banks and other large American companies expect low tax rates and other provisions in the new law for a long time to be of great benefit.
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The fourth largest bank in the United States will benefit less than the same business, because about half of its profit comes from countries with lower overseas tax rates. Even so, it is expected that this year's tax rate will drop from 30% in 2017 to about 25%. This is expected in the next few years as the province of billions of dollars.
Gao Peide, chief executive of Citigroup, said that such a change can not only boost Citigroup's profits, but also make the bank generate higher returns and increase capital, Michael (Corbat). The new tax law may also stimulate economic growth, he said, because it encourages businesses to increase investment and promote pay increases, which may help consumers.