Citigroup Inc. is on the "road to recovery" and would not have access to another rescue from the government should the need arise, Chairman Richard Parsons said.
"I don't think there is the political will" for another bailout, Parsons said Tuesday at the Bloomberg Link Boards & Risk Conference in Washington. He said the company has no need for more aid.
Citigroup posted a $4.25 billion profit for the first quarter after recording $27 billion of losses in 2008 and 2009 that prompted a $45 billion government rescue. The $700 billion Troubled Asset Relief Program to stabilize the nation's banking system prompted calls for legislation that would prohibit such government intervention in the future and impose restrictions on the types of businesses large financial institutions could own.
Parsons said he does not think the government should break up large banks such as Citigroup because "the marketplace requires institutions like ours."A breakup would be "shooting ourselves in the foot," he said, citing the services global banks can provide to U.S. companies.
