CITIGROUP EARNINGS HIT BY FEDERAL TAX OVERHAUL

Citigroup reported an $18.3 billion loss Tuesday, becoming the second major U.S. bank to have its earnings hit by the federal tax overhaul. The net loss, equivalent to $7.15 per share, stemmed from a one-time non-cash charge of $22 billion, or $8.43 per share, related to the Tax Cuts and Jobs Act finalized by Congress and the Trump administration in December. The charge was expected, though its size was unknown until the New York City-based bank released its fourth-quarter earnings results before markets opened.