Citigroup (C) On Track to Exceed Regulatory Requirements; Sees Sustained Profit

December 29, 2010 7:54 AM EST
Citigroup Inc. (NYSE: C) Chief Executive Officer Vikram Pandit told employees in an internal memo earlier this week that the firm is expecting to exceed regulatory requirements and cuts its worst assets to less than 20 percent of its balance sheet.

The vote of confidence comes from Pandit after the U.S. Treasury sold its remaining shares in Citigroup, which received a $45 billion taxpayer bailout to survive the financial meltdown.

"We believe we are poised to meet and exceed anticipated regulatory requirements," Pandit wrote. "The past three years have been challenging, but I believe we now have in place all the elements for sustained profitability and responsible growth."

Citigroup has been shedding its non-core assets to streamline its business to comply with government regulations, including the sale of $1.4 billion real estate portfolio to OneWest Bank.

Shares of Citigroup are up 2 cents to $4.80 in premarket trade Wednesday.

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