Citi's CFO Chooses LeBron Over Mnuchin's Bank-Rule ReportBy
Not everyone on Wall Street was on the edge of their seat Monday night waiting for the Trump administration’s plan to overhaul the financial industry.
Not with an NBA title on the line.
For John Gerspach, Citigroup Inc.’s chief financial officer, the U.S. Treasury Department report lost a competition for his attention to Game 5 of the National Basketball Association’s championship, he said Tuesday at an investor presentation.
“LeBron, Treasury report. LeBron, Treasury report. I don’t know,” said Gerspach, discussing the choice of watching the Cleveland Cavaliers’ LeBron James compete or plowing through the voluminous release. “I’ve got to tell you, LeBron won. Although he did lose the game.”
Gerspach’s comment suggests that Wall Street is still poring over the document, released late Monday by Treasury Secretary Steven Mnuchin. It’s one in a series of reports that the Trump administration will issue this year as it looks to roll back banking regulations that it says is stifling economic growth. Gerspach, 63, was responding to a question from conference host and Morgan Stanley analyst Betsy Graseck.
James’s Cavaliers lost to the Golden State Warriors, 129-120, dropping the series four games to one. His performance was overshadowed by the Warrior’s Kevin Durant, who was named most valuable player.
More seriously, Gerspach said he saw a lot to like in the Treasury’s report and that he asked some bank employees to give it a closer look to determine what it means for the New York-based lender.
“In the very brief read through that I gave to yesterday’s 150-page report, it looked like they were trying to rationalize some” things like competing regulations and new rules whose impact wasn’t known before being enacted, he said. “There is a lot of common sense there.”