Citi's (C) Pandit Keeps Optimistic Despite a Failing Grade
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Citi (NYSE: C) CEO Vikram Pandit is not stressing about not passing the Federal Reserve stress test.
In a memo to employees Wednesday, Pandit kept optimistic about the bank's ability to return more capital to shareholders despite word from the Federal Reserve that those plans would have dropped its capital levels below acceptable levels.
"We still believe that our company has the capacity to return more capital to shareholders," he wrote in the memo obtained by Bloomberg News. "We will work with the Federal Reserve to formulate a plan that returns meaningful capital while satisfying our regulators."
Pandit called the news "disappointing," but said the goal of greater capital returns has not changed.
Shares of Citigroup are down 3 percent to $35.33 Wednesday afternoon.
In a memo to employees Wednesday, Pandit kept optimistic about the bank's ability to return more capital to shareholders despite word from the Federal Reserve that those plans would have dropped its capital levels below acceptable levels.
"We still believe that our company has the capacity to return more capital to shareholders," he wrote in the memo obtained by Bloomberg News. "We will work with the Federal Reserve to formulate a plan that returns meaningful capital while satisfying our regulators."
Pandit called the news "disappointing," but said the goal of greater capital returns has not changed.
Shares of Citigroup are down 3 percent to $35.33 Wednesday afternoon.
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