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:

Nader Nazemi

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.”

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s