NEW YORK — In an attempt to stem concerns among Citigroup Inc.'s employees amid a tough round of public criticism this week, chief executive Vikram Pandit has called a town hall meeting Monday.
In a memorandum to employees Friday afternoon, Pandit said he is "optimistic about the future" of Citi, and reassured that "capital is plentiful" and that the bank has "abundance of liquidity."
"I want to talk with you about our accomplishments over the last eleven months and why despite the major challenges currently facing our industry and the economy I continue to be optimistic about the future," Pandit said.
"Our revenue is strong and stable," Pandit said in the memo, and reminded employees how much capital Citi raised through stock sales, business divestitures, and increased deposits.
"Let's take firm hold of what we can control about Citi - the money we spend, the time we invest, the way we do business - and use them all to our advantage. By working smarter and more efficiently, we have the opportunity to build operating leverage and position us for sustained growth when the markets recover."
Employees are able to submit questions in advance.
The town hall follows a bitter week for Citi. The bank's stock fell below $10, The Wall Street Journal reported that some directors are growing impatient and consider the replacement of chairman Sir Win Bischoff, and reports about continued layoffs in large numbers. Citi's board has denied that it is looking for a new chairman.
