Citi to continue to narrow focus


"People shouldn't want us to be everything to everyone," says Citigroup (C) CEO Michael Corbat, holding court at Davos. "We've gone through a pretty significant transformation. We've got the right business mix."

Investors "saw the benefits" of exiting five consumer businesses and restructuring other units last year, says Corbat, and, for now, the bank will continue down this path. Assets at Citi Holdings - Citi's bad bank if you will - fell to $117B in Q4 vs. $156B a year earlier.

"The world’s becoming a better place and again it is up to us to make sure we’re doing the right things ... We’ve got the resources: we’ve built capital, we have liquidity.”

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Comments (5)
  • bdubya13
    , contributor
    Comments (118) | Send Message
     
    Poster stock for POS..each new year we hear how Citi has turned the corner, and each year C struggles to maintain $5.00 . No competent CEO would get close to C as its such a train wreck!! So we get Pandit and then (another also ran) Corbat. Mop up guys at best!!
    23 Jan 2014, 11:13 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (11171) | Send Message
     
    Yeah, Citi has been a terrible performer.

     

    </sarcasm>
    23 Jan 2014, 07:58 PM Reply Like
  • Jason B
    , contributor
    Comments (575) | Send Message
     
    C will be 70+ by end of 2014. Easiest money in the S&P.
    23 Jan 2014, 02:52 PM Reply Like
  • bdubya13
    , contributor
    Comments (118) | Send Message
     
    Look out below!!!!!!!!!!!!!!!!!
    24 Jan 2014, 01:02 PM Reply Like
  • Jason B
    , contributor
    Comments (575) | Send Message
     
    I repeat...70 is the medium term PT.
    30 Jan 2014, 07:37 PM Reply Like
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