Citigroup sets aside $7 bn for bad loans as earnings tumble

Citigroup reported a steep decline in first-quarter profits Wednesday as it set aside around $7 billion in case of loan defaults due to coronavirus shutdown.


Photos: VCG

Net profit came in at $2.5 billion for the quarter ending March 31, down 46 percent from the year-ago period. Revenues rose 12 percent to $20.7 billion.