Citigroup (C) CEO Sees Financial Environment in the US as 'Cold'
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Price: $140.89 -1.12%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
EPS Growth %: +37.2%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
EPS Growth %: +37.2%
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Citgroup Inc. (NYSE: C) chief Executive officer Vikram Pandit said that while visiting the G20 Business Summitt in South Korea this week he has felt the warmth of the banking environment in the country, while he sees the situation back home int eh U.S as a "cold" one.
“I kind of feel like I’m living in parallel universes,” Pandit said.. “I’m here in Korea and I feel this warmth and need and the sense of trying to have a dialogue with each other, but then when I get back to my real universe, it’s cold in that universe.”
The climate surrounding the financial system in the U.S. has been harsh as employees, customers and the government has seemingly turned their backs on the banks.
Pnadit added comments about the higher capital requirements for banks as a results of Basel III.
“We can all agree that higher capital ratios were in order, lower leverage, and I think we can all agree that higher-risk areas should require capital, and I think those are all the things that Basel is trying to address,” he said. “In some ways it’s done a pretty good job, but the real question comes around: Have we gotten it right in terms of calibration of risk? Have we gotten it right in terms of how we measure risk?”
Shares of Citigroup are down 5 cents to $4.38 in early market movement on Thursday.
“I kind of feel like I’m living in parallel universes,” Pandit said.. “I’m here in Korea and I feel this warmth and need and the sense of trying to have a dialogue with each other, but then when I get back to my real universe, it’s cold in that universe.”
The climate surrounding the financial system in the U.S. has been harsh as employees, customers and the government has seemingly turned their backs on the banks.
Pnadit added comments about the higher capital requirements for banks as a results of Basel III.
“We can all agree that higher capital ratios were in order, lower leverage, and I think we can all agree that higher-risk areas should require capital, and I think those are all the things that Basel is trying to address,” he said. “In some ways it’s done a pretty good job, but the real question comes around: Have we gotten it right in terms of calibration of risk? Have we gotten it right in terms of how we measure risk?”
Shares of Citigroup are down 5 cents to $4.38 in early market movement on Thursday.
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