So far so good, but Cannon went a bit further: "However, if we assume Citi were to experience credit and operational losses similar to 2002 ($1.11B) and had to record $275M of [foreign exchange] translation loss then we estimate that level of losses would impact book value by $0.45 (< 1% of $55.38 tangible book value at 4Q13)."
So a full exit from Argentina would be an annoyance, but its effect on the bank's capital strength would be negligible.
Investors may be looking at another rough week, depending on whether or not other countries start making big changes in monetary policy.
Citigroup's shares were down another 0.7% in morning trading Monday, to $49.22.
The following chart shows the performance of Citigroup's stock against the KBW Bank Index and the S&P 500 since the end of 2011:
C data by YCharts
Citigroup's Agentina Exposure Is 'Manageable,' Says KBW
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