Citi's (C) Pandit Sees Seventh Straight Profitable Quarter, No U.S. Recession
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Citigroup (NYSE: C) shares are higher Wednesday following bullish comments from CEO Vikram Pandit.
Pandit, speaking at a Fortune event in New York, said he sees Citi posting it's seventh straight profit in the third quarter.
Pandit believes more rules don't necessarily make financial systems safer, and too many can cause problems and boost risks. He feels regulators may have struck the right balance with the Volcker rule.
The exec said banks shouldn't use their own capital to speculate, and reiterated Citi will return more capital to shareholders through 2012.
Pandit does not expect the U.S. to slip into another recessiont. He does think it's tougher to grow in the U.S.; emerging markets will be growth drivers moving forward.
He would also be happy to speak with Wall Street protestors, and said the current sentiment is completely understandable.
Citi shares are 5 percent Wednesday morning.
Pandit, speaking at a Fortune event in New York, said he sees Citi posting it's seventh straight profit in the third quarter.
Pandit believes more rules don't necessarily make financial systems safer, and too many can cause problems and boost risks. He feels regulators may have struck the right balance with the Volcker rule.
The exec said banks shouldn't use their own capital to speculate, and reiterated Citi will return more capital to shareholders through 2012.
Pandit does not expect the U.S. to slip into another recessiont. He does think it's tougher to grow in the U.S.; emerging markets will be growth drivers moving forward.
He would also be happy to speak with Wall Street protestors, and said the current sentiment is completely understandable.
Citi shares are 5 percent Wednesday morning.
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