Citigroup rebuffs calls for breakup
The bank has brushed aside calls for the breakup of the bank, claiming that it has enough liquidity to avoid such a fate.
Citigroup Inc. of New York has brushed aside calls for the breakup of the bank, claiming that it has enough liquidity to avoid such a fate.
In a conference call yesterday, treasurer Zion Shohet said that Citigroup had increased its liquidity from $24 billion on Dec. 31 to $60 billion as of June 30.
Former Citigroup chief executive Sanford Weill and William Smith of SAM Advisors LLC of New York have called for the breakup of the bank.
Citigroup posted a loss of $2.4 billion last quarter, and current CEO Vikram Pandit has suffered through write-downs from the credit crisis as well as the shuttering of the Old Lane hedge fund, from Old Lane LP of New York, which he founded and used to manage.
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