Citigroup (C) is in the middle of a complicated restructuring. It made it clear Wednesday that its fourth quarter earnings report Friday will be complicated, too.
The giant New York-based bank said in a regulatory document it will take more than $3 billion in one-time reserves and expenses as part of those fourth quarter results.
They include everything from a $1.3 billion reserve build for currency exposure in Argentina and Russia to $780 million in charges related to severance costs and other aspects of a wide-ranging restructuring of the bank led by CEO Jane Fraser.
It will also report a charge of $1.7 billion to pay a special assessment to the Federal Deposit Insurance Corporation.
Other big banks will also be weighed down by similar FDIC assessments, which were used to cover the $18 billion in losses to the…
