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Citi cuts Russian exposure; in the clear with SEC over MBS

  • Citigroup (C -2%) further cut its exposure to Russia, according to its 10-Q, taking it down to $8.9B from $9.4B. As for just-defaulted Argentina, the bank estimates it could lose up to $80M should the country be downgraded by U.S. regulators.
  • Also included in the filing: This week the SEC informed Citi it has ended an investigation into MBS it packaged and sold, and won't recommend any enforcement action. This is separate from the $7B settlement with the DOJ over mortgages.
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