Citi (C ) To Weed Out Non-essential Businesses : CEO Tells CNBC

Talking with CNBC, Citigroup (NYSE: C) CEO Vikram Pandit said that his firm is completely aligned with principles underlying President Obama’s regulatory plans.

He said that the Citibank is shedding its prop trading, hedge fund and other non-essential businesses and is getting more consolidated. He also said that the banking industry has international importance; therefore it is important to have a level playing field.

Pandit urged the G-20 nations to deliberate on the issue and come up with common regulations. He reiterated that Citi has a 12 to 1 leverage ratio with reserves worth $36 billion and therefore is in a good capital reserve condition.