Citi: Really, We’re Much Stronger Than We Used to Be

http://blogs.wsj.com/deals/2012/06/08/citi-really-were-much-stronger-than-we-used-to-be/

I want to believe:

Citigroup wants the world to know how strong its capital position is, no matter what the Fed’s stress tests showed in March.

Bloomberg News

The bank said it is going back to the Fedwith a new capital plan on Monday, three months after its first plan was partially rejected. It expects the Fed will act on the plan “later this year.”

Citi won’t seek an increased stock buy-back this year. That part was previously rejected by the Fed, according to earlier WSJ reporting.

Friday, the bank strenuously reiterated just how much stronger it has become. It noted the earlier test showed that Citi “comfortably exceeded the stress test requirements without Citi’s proposed capital actions” and that “Citi is one of the best capitalized banks in the world.”

Citi went on to say that “these strong capital and liquidity levels result from the decisions we made to make Citi a fundamentally different company today than it was before the financial crisis,” listing its moves to sell assets and pare back the assets at its bad-bank, Citi Holdings.

“With greatly improved financial strength, a highly liquid balance sheet, and our strategy showing results, Citi will continue to build its capital levels for the benefit of our shareholders.”

 

Related articles

• Citi: Really, We’re Much Stronger Than We Used to Be (blogs.wsj.com)
• Citigroup To Refile Capital Plans After Failing Fed Stress Tests (C) (businessinsider.com)
• Fed’s Capital rules: Another win for banks (finance.fortune.cnn.com)
• Fed Hammers Citi With Buy Back Rejection – WSJ (247wallst.com)
• The Fed Proposes Stronger Buffers for Banks (dealbook.nytimes.com)