Citigroup's CFO Talks About the Bailout
Last July, just months after joining Citigroup (C) as chief financial officer, from American Express (AXP), Gary Crittenden addressed the analyst community in his first earnings conference call. It was a particularly upbeat event, given that the bank had just turned in record quarterly profits of $6.23 billion. Ever since, however, it has posted nothing but losses. Worse, Citi has been fighting for survival. After Citi's share price plummeted to values not seen in 15 years, Crittenden recently became a key player in talks with the government about a deal to not only backstop some $306 billion in the bank's assets, but also bolster the institution with more capital.
Copyright 2008 BusinessWeek
