Citi CEO Pandit on CNBC: Dividend a 2013 Story at the Earliest
On Citigroup's 200th anniversary, CEO Vikram Pandit spoke with CNBC's Maria Bartiromo on the Closing Bell. He said that the bank is focusing on making sure that it has adequate liquidity and that any dividend payments would not be until 2013 at the earliest.
He noted, however, that his bank's balance sheet is stronger than ever and that Citi's liquidity levels are considerably higher than they were prior to the financial crisis. He added that Citi is operating as if some Basel liquidity rules are already in place and that the bank is prepared for any eventuality and a host of worst case scenarios.
On the European front, Pandit said that the market is focused on the fate of the euro and that the EU financial system must deleverage.
Looking ahead, he said "We're going to focus on the basics of banking... also, emerging markets. Citi is going to be the digital bank. That means banking anywhere, anyway you want."
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