Citigroup said on 15 April its first-quarter profit plunged 46%, after the bank set aside nearly $5bn to prepare for a wave of loan defaults as the coronavirus pandemic pummels the global economy.

Citigroup’s profit for the first three months of the year fell to $2.5bn, or $1.05 per share, from $4.7bn, or $1.87 a share. Analysts had expected $1.07 a share, according to FactSet, a forecast that has been cut in half since late February.