NEW YORK—Citigroup Inc. could lose as much as $3 billion from its Russia exposures, $2 billion less than previously forecast, the bank said on Thursday while reporting a nearly halving of its first-quarter profit.
The bank said it had reduced its total exposure to Russia since December by $2 billion to $7.8 billion and that it would now lose no more than $3 billion in a severely adverse scenario, down from the nearly $5 billion estimated last month.
The disclosure came as Citi—the most global of the U.S. banks—added $1.9 billion to its reserves in the quarter to prepare for losses from direct exposures in Russia and the economic impact of the Ukraine war.
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