Washington, Oct 16: Through its third quarter (Q3) results, Citigroup has learned a tough lesson that the road to recovery is still a long one. Weighed down by credit problems, within its consumer-related businesses the New-York based bank posted a small profit of just 101 million dollars on Thursday, Oct 15.
The bank also reported a loss of 27 cents a share after the recent conversion of part of the government's preferred stake in the company into common stock.
Led by its Indian American CEO Vikram Pandit, Citigroup has been one of the worst-hit banks by the global economic crisis.
However, speaking to analysts on Thursday, Oct 15, Mr Pandit sounded confident about the company's restructuring efforts, after pointing out that the company's capital levels was among the strongest in the industry.