Finance: Citi is dropping after warning the Senate GOP tax bill could cost it $20 billion (C)

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    Citi stock fell 1.4% Wednesday after CFO John Gerspach warned the Senate tax plan could cost the firm $20 billion, a charge that would exceed analysts expectations.

    • Citigroup fell 1.4% Wednesday after CFO John Gerspach warned at an investor conference that the GOP's Senate tax bill could cost the bank $20 billion.
    • The hit would stem from Citi writing down deferred tax assets, a charge analysts had previously estimated at only $12 billion, according to a Bloomberg report.
    • Shares opened the day at $76.30 and fell to $75.44 at the closing bell.

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