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About: http://data.cimple.eu/news-article/f7a7dc0b34b14fdf252af6a3c4e21178b1d633be7e13cc19798c412f Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	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. 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. Citigroup's results benefited from strong increases in fixed income and equity trading volume during a volatile period in financial markets. But the bank joined other financial heavyweights, including JPMorgan Chase and Bank of America, in setting aside large provisions in case of defaults following sweeping government-mandated business shutdowns to try to limit the spread of the coronavirus. "COVID-19 is a public health crisis with severe economic ramifications," said Citigroup Chief Executive Michael Corbat. "While no one knows the severity or the longevity of the virus' impact on the global economy, we have the resources we need to serve our clients without jeopardizing our safety and soundness." Shares fell 3.6 percent to $43.75 in pre-market trading. jmb/jm
schema:headline	Citigroup sets aside $7 bn for bad loans as earnings tumble
schema:mentions	JPMorgan Chase Stock Public health Virus Coronavirus Severe acute respiratory syndrome coronavirus 2 Michael Corbat Fixed income Citigroup Net income
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-15 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	68 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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