Summary Box: Citi CEO says bank returning to ’sustained profitability’ after strategy shift
By APThursday, March 11, 2010
Summary Box: Citi CEO sees return to profitability
BULLISH OUTLOOK: Citigroup Inc. says its returning to “sustained profitability” after losing billions on bad loans and taking a federal bailout. CEO Vikram Pandit says the bank is shedding risky mortgage assets and shifting focus to emerging markets like Latin America and Asia.
INVESTORS PLEASED: Pandit’s upbeat view sent Citigroup shares up 5.6 percent to $4.18. The stock is up nearly 20 percent in the past week.
GOVERMENT’S ROLE: Some analysts remain worried about how Citigroup will perform once the government sells its 27 percent stake of common equity in the bank.
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