Coronavirus Pandemic Attacks Citigroup Quarterly Profits

Reuters reports Citigroup reported a massive 46% loss in quarterly profit on Wednesday.
The news comes as the financial group prepares for losses driven primarily by its credit card business.
Analysts warn there is more pain to come as the economic outlook grows increasingly gloomy.
Wall Street banks are bracing for a flood of defaults by cash-strapped customers.
The COVID-19 pandemic has shuttered businesses, put millions out of work and has put the US on course for a deep recession.
Citi’s high exposure to unsecured credit card loans makes the bank more susceptible to hefty writedowns.
As unemployment rises, credit card delinquencies tends to rise in lockstep.