Statement from Vikram Pandit, CEO, Citigroup, on Financial Reform Legislation

Jun 25, 2010, 12:11pm

“Throughout the legislative process, Citi has fully supported efforts to strengthen regulations and protect consumers. I have been outspoken about the need for banks to be banks, focused on their clients and not speculating with their own capital; I have fully supported ending the phenomenon of ‘too big to fail’; and I believe we must have a level playing field– the same rules for everybody and real transparency into financial transactions. Many of the reforms in the bill are consistent with these important principles.

“At the same time, we are working hard in the more than 100 countries where Citi operates to instill a culture of Responsible Finance by making sure our actions create economic value, are in our customers’ interests, and are systemically responsible.

“Although there are aspects of the legislation which are different from what we would have preferred, we will be able to conduct a fuller assessment of its impact after the regulators issue new rules. That being said, it is our hope this agreement will provide direction and stability for the financial system going forward.”


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