Citi CEO Vikram Pandit is reassuring investors today after his firm lost $7.6 billion in 2009 by telling them to look on the bright side — at least they fired 100,000 people.
From the New York Times:
In the earnings statement on Tuesday, Mr. Pandit cited the “enormous progress” made in 2009.
“It was our responsibility to get our own house in order,” he said, noting the things that the bank had done, including improving its capital strength, cutting costs by over $13 billion a year and reducing its work force by 100,000.
“As we enter 2010, we are strongly capitalized, significantly more efficient, and are executing on a clear strategy that is focused on clients. With the commitment and dedication of our people, we have created a strong foundation for the future,” Mr. Pandit said.
Yeah, man. Buck up.