March 10, 2009 / 8:08 AM / 10 years ago

Citi CEO Pandit defends group strength - NYT

LONDON, March 10 (Reuters) - Citigroup (C.N) Chief Executive Vikram Pandit said the bank had been profitable in the first two months of the year, according to an internal memo the New York Times said it had obtained.

Citigroup could not immediately say whether Pandit’s memo was genuine.

The memo also said that the bank was confident about its capital strength after it had done its own stress tests, using assumptions that were more pessimistic than those of the U.S. Federal Reserve.

The newspaper published the memo, which was accompanied by speaking notes, on the DealBook section of its website in a post dated March 9. (Reporting by Douwe Miedema and Quentin Webb)

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