Citi Faces $1.5 Billion of Charges in Russia Retreat, Mayo Says

Citigroup Inc. is facing an estimated $1.5 billion hit to earnings from its business in Russia as the banking giant broadens a withdrawal from the country, according to analysts at Wells Fargo & Co.

New York-based Citigroup will probably have to write down a portion of its $1 billion net investment in its Russian subsidiary and set aside additional funds for losses on loans to Russian consumers and corporations, Wells Fargo analysts led by Mike Mayo said in a note to clients Monday. Citigroup, the U.S. bank with the largest presence in Russia, said Monday it will broaden its withdrawal ...