Entering text into the input field will update the search result below

Fed rejection a shock to Citi

Mar. 27, 2014 3:09 PM ETCitigroup Inc. (C) StockCBy: Stephen Alpher, SA News Editor24 Comments
  • "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.”

Recommended For You

About C Stock

SymbolLast Price% Chg
Market Cap
PE
Yield (TTM)
Rev Growth (YoY)
Prev. Close
Compare to Peers

Related Stocks

SymbolLast Price% Chg
C--
Citigroup Inc.