Without this one-off charge, Citi said it would have made $3.7bn in net income for the last three months of 2017.
While the law is expected to help Citigroup and other large US banks over time, it is obscuring this quarter for many with large one-time costs.
President Donald Trump's tax reforms have pushed USA banking giant Citi to a vast $18.3bn (£13.3bn) loss in the fourth quarter of a year ago.
Excluding the effects of the tax revamp, the financial giant's net income was up four percent over the same quarter of 2016 at $3.7 billion, or $1.28 per share. This helped its shares to rise by around 1% in morning trading.
Management is now examining financial performance targets set before the tax law changes to see whether they should be lifted, Chief Financial Officer John Gerspach said on a separate call with journalists. "It's something we think we can quickly overcome", he said, "and it's not a headwind that causes us to alter any of our existing plans". Analysts expected revenue of $17.22 billion. That was before the tax law was completed. After reporting massive losses, the banks accumulated these assets, which could then be used to pay future income taxes. It forces them to take one-time hits on earnings held overseas and changes the treatment of deferred tax assets, both of which affect Citigroup in particular. At the end of the third quarter, Citigroup had a net of about $45.5 billion in deferred-tax assets that it is working through.
But for Citigroup, the fourth-largest US bank by assets, the loss is just a temporary hiccup.
The latest quarter's results include an estimated one-time, non-cash charge of $22 billion, or $8.43 per share, related to the enactment of the Tax Cuts and Jobs Act, or the US tax reform.
Mr. Corbat, the CEO since 2012, is focused on returning more capital to shareholders and improving profitability metrics such as return on equity. The bank is also still on track to return $60 billion to shareholders through 2020. Revenues ticked up 1 per cent from a year ago to $17.3 billion as expansion in global consumer banking - especially in Asia and Latin America - offset a decline at the investment bank. That was in line with what Mr. Gerspach predicted last month, when he said year-over-year trading revenue would be down by a high-teens percentage.
Equities-trading revenue fell 23%.
The institutional business was further dented by what the bank described as an "episodic loss" in equity derivatives totalling about $130 million.
The client is troubled South African furniture retailer Steinhoff International, a source familiar with the matter told Reuters.
The tax reform - a flagship policy of the Trump administration - is expected to lower the corporate tax rate for most companies in the long term.
In a speech to security forces in the city, Mr Macron also said he wants the United Kingdom to take in more unaccompanied minors. UK Prime Minister Theresa May's spokesperson, in turn, said that Le Touquet agreement was profitable for both countries.
Public information officer Trent Farris said at a press conference Tuesday morning that, "We can really use your prayers". Authorities say the suspect, identified as 47-year-old Christian Thomas McCall , was also wounded and is in custody.
It depicts an even darker, bleaker Gilead than we saw in season 1 and left us with plenty of questions about the upcoming season. Bruce said: "Margaret and I had started to talk about the shape of season two halfway through the first".
Only three bodies were recovered from the burning vessel during rescue operations, with 29 crew members still unaccounted for. Authorities had previously expressed concern over the possibility of the tanker exploding.
Riverbridge Prns Ltd Limited Liability Company invested in 5,556 shares. 64 funds opened positions while 98 raised stakes. It dropped, as 112 investors sold GE shares while 818 reduced holdings. 22 funds opened positions while 64 raised stakes.
A new app from Google attempts to accurately match your face to one in a famous painting, and it's getting a lot of attention. The latest version of the app matches your selfies with works of art, letting you check out your fine art alter ego.
The woman, who chose to be called by the name Grace , said that Ansari was eager for them to get back to his place after dinner. A rep for Ansari did not immediately return a request for comment, but later issued a statement confirming the encounter.
The FAW was keen to make the appointment before the UEFA Nations League draw, which takes place in Switzerland on 24 January. Wales are signed up to compete in the China Cup , with Giggs' side taking on the hosts in the semi-final.
Their bankruptcy lawyer, Ivan Trahan, told the New York Times he never met the children but the couple "spoke about them highly". Dennis Cooke, who works at a Home Depot in Perris, said he had been shown around the Turpins' home before the family moved in.
The Cranberries' Noel and Mike Hogan and Fergal Lawler said, "We are devastated on the passing of our friend Dolores ". Aedin Ni Bhriain said the school was very proud of everything O'Riordan achieved.
The most targets he received in a single game was nine on two occasions against the Chicago Bears and Green Bay Packers. Wide receiver Michael Thomas came up huge late in the game, finishing with eight catches for 131 yards.