- "Surprise would be an understatement," says one Citigroup (C -5.5%) executive when the top brass learned - 24 hours ahead of the markets - of the Fed rejecting the bank's capital return plan. Traveling on business in Korea, CEO Michael Corbat - who was on the conference call when the Fed relayed its decision - cut his trip short to get back to NYC for a board meeting. Following the meeting, he sat down with FRBNY boss Bill Dudley.
- "It's too early ... why are you returning capital when you need it," is the message the Fed is trying to get across, according to a source, who adds the central bank looks like it wants Citi to continue selling off noncore operations.
- Will heads roll? “Since becoming CEO, I have spoken with many of you about the need to hold ourselves accountable for what takes place at our firm," said Corbat in a staff memo today. "I am accountable for getting this right.”
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