Former Citigroup Inc. chairman and chief executive officer John S. Reed, speaking in the first of two scheduled lectures at Princeton University, delivered a relatively pessimistic view of the banking industry's ability to manage risk.

Mr. Reed, who retired from Citigroup in April, is a senior visiting fellow at Princeton's Bendheim Center for Finance. Roughly 100 people gathered Monday night to hear Mr. Reed's hourlong talk, "A Retrospective on the Banking Industry, 1965-2000."

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