Citigroup (C) CEO Pandit Receives Vote of Confidence from Prince Alwaleed

Citigroup Inc. (NYSE: C) Chief Executive Officer Vikram Pandit on Tuesday received support from the firm's largest shareholder, Saudi Arabian Prince Alwaleed Bin Talal.

The billionaire investor called Citigroup's results for 2010 good, while congratulating Pandit for the bank's profit of $10.6 billion for 2010. An emailed statement from Alwaleed's Kingdom Holding Co. also affirmed his confidence in Citigroup's management.

The New York-based firm reported fourth-quarter earnings of 4 cents per share, 4 cents worse than the analyst estimate of 8 cents per share. Revenue for the company came in at $18.37 billion up from $5.405 billion in the same quarter last year, but missed the market consensus of $20.45 billion.

Shares of Citigroup are 6.24 percent to $4.81 in midday market movement on Tuesday.

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