Citigroup on Tuesday reported steep fourth-quarter losses driven by a one-time charge from the recent US tax cuts.

Net losses for the final quarter of 2017 were $18.3 billion, or $7.15 per share, due to a $22 billion charge stemming from re-measurement of tax-deferred assets under the new tax law and repatriation of foreign earnings, the company said in a statement. 

Many US companies have announced such charges for the fourth quarter due to the recently-passed tax reform, though they expect to see a reduced tax burden going forward.

Source: AFP