Citigroup continues to be seen as an attractive holding by many investors.By one measure,65% had a positive reaction to the firm.CEO Vikram Pandit says they've scaled back on proprietary trading,or trading that banks do for their own profit,and support the idea of a regulator who will impose capital requirements.We need global coordination on regulation and derivatives transparency.U.S. consumer credit remains an issue,in Mr.Pandit's opinion.
Citigroup is now focused on being a bank,not a financial supermarket,Mr.Pandit said.We're only as big as what is required to serve our clients in a competitive market.Citi still owes the U.S. government 25 billion dollars.The bank,which gets most of its deposits overseas,will only issue 15 billion dollars of debt this year,versus 85 billion in 2009,Vikram Pandit noted.The company has been shedding non-core holdings in an attempt to emerge from near-catastrophic damage brought on by amassing toxic assets.Since the market low of last March 8,Citigroup shares have risen from 1.05 to 3.56,as of the opening bell this morning.
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