Nov. 14 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit sought to reassure employees after the stock tumbled this week, saying in a memo that the bank's revenue is ``strong and stable'' and its capital ``plentiful.''

Pandit, 51, said he'd hold a ``town hall meeting'' at 8 a.m. on Nov. 17 in New York to discuss ``our accomplishments over the last 11 months and why despite the major challenges currently facing our industry and the economy I continue to be optimistic about the future.''

Citigroup, the fourth-biggest U.S. bank by market value, slumped 19 percent in New York trading this week and is down 68 percent this year, after four straight quarterly losses totaling $20 billion. The board yesterday was forced to issue a statement in support of Chairman Win Bischoff after the Wall Street Journal reported that some directors were frustrated by the company's performance and considering replacing him.

Dow Jones spokesman Robert Christie said yesterday that the Journal stands by its story.

``The news coverage about the chairman of our board, Sir Win, is irresponsible and completely inaccurate, and we want you to understand and appreciate our perspective on it,'' Richard D. Parsons, the board's lead outside director, said in a separate memo to employees dated yesterday, without specifying which article it was responding to.

Dismissal Notices

``The board of directors and management are operating as one team completely aligned on critical issues, opportunities, and the direction of the company,'' Parsons wrote.

Citigroup in the past few weeks has begun sending notices to staff affected by the bank's plan to eliminate 9,100 jobs in the next 12 months, or 2.6 percent of its headcount.

Pandit was hired in December to replace Charles O. Prince, who resigned as CEO amid record mortgage-related losses.

``I have got great confidence in him,'' Parsons said of Pandit in a Bloomberg Television interview yesterday. ``He came in under the most extreme circumstances. He inherited the biggest bank in the world that's got exposure in virtually every country and every asset, so any time anything goes down, Citi has to deal with it.''

Citigroup gained 7 cents to $9.52 at 4:15 pm. in New York Stock Exchange composite trading.

Citigroup executives have bought 1.65 million shares in the company this week as the stock fell below $9 for the first time in 12 years. The show of confidence was led by Pandit's purchase yesterday of 750,000 shares at about $9.25 each.

Other top managers who bought shares include John Havens, head of the company's trading and investment-banking division, who bought 250,000 shares today and 250,000 yesterday, a regulatory filing today showed. Banking head Edward ``Ned'' Kelly purchased 100,000 shares, while trading chief James Forese yesterday bought 200,000 and Chief Risk Officer Brian Leach bought 100,000, according to the filing.

To contact the reporters on this story: David Scheer in New York at dscheer@bloomberg.netBradley Keoun in New York at bkeoun@bloomberg.net.

Last Updated: November 14, 2008 18:53 EST