NEW YORK — Citigroup Inc. chief executive Vikram Pandit said in a letter to President Obama that he continues to support "strong regulatory reform."

"I believe banks should not speculate with their capital," he wrote in a letter dated Friday, the day after the President's push for financial reform in New York. "I believe derivatives should be cleared and settled centrally. I believe there should be a strong federal consumer authority to protect consumer interests. We should end, once and for all, the phenomenon of 'too big to fail.' We must have a strong systemic regulator. With respect to compensation, we need a merit-based system driven by long-term performance. And it is essential to have a level playing field across the global financial industry."

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