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Finance: Citi is dropping after warning the Senate GOP tax bill could cost it $20 billion (C)

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Citi stock fell 1.4% Wednesday after CFO John Gerspach warned the Senate tax plan could cost the firm $20 billion, a charge that would exceed analysts expectations.

  • Citigroup fell 1.4% Wednesday after CFO John Gerspach warned at an investor conference that the GOP's Senate tax bill could cost the bank $20 billion.
  • The hit would stem from Citi writing down deferred tax assets, a charge analysts had previously estimated at only $12 billion, according to a Bloomberg report.
  • Shares opened the day at $76.30 and fell to $75.44 at the closing bell.
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