CEO Vikram Pandit Believes CitiGroup Will Be Profitable and Continue To Provide Credit

CitiGroup CEO Vikram Pandit was interviewed on CNBC last week and was questioned on what he feels the future will hold for CitiGroup, what changes need to be made and what concerns there are for the financial institution that many believe was the hardest hit during the recession.

Questions as to CitiGroup’s ability to overcome their losses and credit troubles over the last few months have been on the minds of many investors and financial analysts, but the CitiGroup CEO said that he is not concerned over the question of CitiGroup’s profitable, as a whole, over the long-term.

Mr. Pandit said that there are areas of concern for CitiGroup that are going to be addressed, but the company has been taking steps to improve their strengths and they are cutting dead weight that is either unessential to CitiGroup’s operations or not in line with the type of financial institution they wish to be.

Many people question how they are going to improve when their stock seems immobile at the present time, but the low stock price for CitiGroup is said to be mainly because of government involvement.  However, there are reports that the government wants to sell stock over next year and that could boost CitiGroup’s price.

Mr. Pandit said CitiGroup still plans to continue lending, in the hopes of promoting job creation, they are dedicated to their customers more now than ever, and he feels that profitability in the company isn’t really a concern.  He gave the impression in his interview that profitability in the long-term is almost a given, but it will take some months into 2010 before that can be said to be true or not.