Finance
Citi’s Fraser Tries to Calm Jitters Over Regulators and Returns
- CEO denied bank faces an asset cap from US federal regulators
- Citi shares fell as much as 5% while top rivals gained Tuesday
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Citigroup Inc. Chief Executive Officer Jane Fraser started the day boasting that all five of the bank’s key businesses had seen revenue climb in the third quarter. Hours later, she found herself forced to deny that the bank has a secret regulatory straitjacket.
It took repeated questions by analysts for Fraser to be clear that US regulators have not placed the bank under an asset cap, one of the most-feared and prohibitive penalties that regulators can place on US lenders.