Citigroup's (C) "accounting switch" resulted in a $709M charge in Q1, which enabled the bank to...

|About: Citigroup Inc. (C)|By:, SA News Editor

Citigroup's (C) "accounting switch" resulted in a $709M charge in Q1, which enabled the bank to "take advantage of a recovery in the market for distressed assets and boost capital buffers as Basel III rules are phased in between 2013 and 2019,” FT reports. In effect, avoiding higher capital has become "an SEC-sanctioned reason for accounting reclassification," Tracy Alloway writes.