Pandit predicted that Citi would generate industry-leading returns after the financial crisis and said the bank aims for a return on assets of between 1.25% and 1.5%.
Asked about a reverse stock split for Citi's battered shares, Pandit said with a chuckle: "I forget, what happened when the other company did that?"
American International Group Inc. (AIG/PA:$11.00,00$0.25,002.33%) earlier this year undertook a 1-for-20 reverse split; shares initially fell sharply but have since rebounded and are now trading at a higher price than at the time of the split.
"Never mind," Pandit went on. "Look, our job is to manage the company, execute on the strategy, get us clearly in the zone of sustainable profitability – let the stock price follow from there." A reverse stock split is "the board's decision and it's not something the board is focused on," he said.
NO more talks about R split.
as he said:
Asked about a reverse stock split for Citi's battered shares, Mr. Pandit said, "Our job is to manage the company, execute our strategy, and return to a sustainable path," and let the stock rise as Citi makes progress. A reverse stock split "is not something the board is focused on," he said
This is very encouraging. But why then to mess with all those rs votings/authorizations? A lot of investors would still not touch C because of a possibility of rs is not excluded. Look, 20:1 split would turn my 80,000 sh just into 4,000. Then almost imminent shorts raid. Just look what they are doing here without even any rs. Then the stock may recover a la AIG -- may not. Majority of investors are not any prophets or gurus. So don't blame those to whom rs is as scary as bk.
But anyway, thank you, Mr. Pandit. Are you planning to get a moonlighting job too?
Mr. Pandit. Are you planning to get a moonlighting job too? .
Thanks for asking but no. I do a lot of traveling and have no time for a moonlighting job. I often go to India to see my kinfolks.
The bashers need something to get new comers on fear... until recently was the R/S... now they will change and focus on the "USG selling the crap of it" or "dilution". This is going to be the norm of idiots making $.05/c per post here for the next many weeks.