Citigroup Inc. (C.N) Chief Executive Vikram Pandit is optimistic about the future of his bank. In an announcement to investors Thursday Pandit express his belief that the ailing institution is presently "well positioned to return to sustained profitability."
Citigroup reimbursed the government for the funds borrowed during the bailout several months ago and is now on track to generate a return on assets for its major Citicorp businesses. Returns are aimed at 1.25 percent to 1.50 percent, up from 1.15 percent last year.
In terms of growth, the bank is aspiring for compound annualized growth of 5 percent in both its corportate segments and managed assets at Citicorp. At the close of 2009 assets amounted to $1.38 trillion.
In the hours following Pandits comments Citigroups shares surged by 5 percent bringing weekly gains for the bank to 18 percent.
Pandit also mentioned that the banks global strategy would benefit their business, predicting that Citicorp emerging markets revenue would double at a rate twice that of developed markets.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription
