Reuters logo
CORRECTED-UPDATE 1-New Citigroup CEO announces profit targets for 2015
March 5, 2013 / 5:47 PM / 5 years ago

CORRECTED-UPDATE 1-New Citigroup CEO announces profit targets for 2015

(Corrects 2012 return on assets in fourth paragraph to 0.62 percent from 0.91 percent)

By David Henry

March 5 (Reuters) - Mike Corbat, the new chief executive officer of Citigroup Inc, said the company’s profit goal for 2015 is to earn at least a 10 percent return on its tangible common equity.

The target was posted on the company’s website on Tuesday in slides Corbat planned to use a few minutes later in a speech at an investor conference.

The slides also showed a goal of earning a return on assets of 0.9 percent to 1.1 percent.

In 2012, the company earned 7.9 percent on tangible common equity and 0.62 percent on assets, after adjustments for items. Return on assets was 0.91 percent excluding losses from the Citi Holdings portfolio of assets that the company is shedding.

Corbat, named CEO in October to replace Vikram Pandit, was prodded by analysts in the company’s January conference call to set performance benchmarks for the company.

Citigroup shares were up 1 percent at $43.36 in midday trading in New York. (Reporting by David Henry in New York; Editing by Gerald E. McCormick and Dale Hudson)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below