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Citi CEO signals end of post-financial crisis restructuring

Banks

Citi CEO signals end of post-financial crisis restructuring

Citigroup has “crossed an inflection point”, the US bank’s chief executive maintained on Tuesday at its first investor day since 2008 – even as he recognised that returns had disappointed shareholders.

Speaking at the event in Manhattan, Michael Corbat said a protracted period of post-crisis restructuring was “over”.

“We haven’t yet delivered the level of returns that you, our investors, both expect and deserve,” he said. He added, however: “We are now clearly on a path to both growth and stronger returns.”

Shares in the fourth biggest US bank by assets rallied 2.3 per cent in pre-market trading as the bank laid down new financial targets. Mr Corbat said earnings per share would grow in the “high teens” by 2020, “which few firms are in a position to deliver”.

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