Almost all of the stress tests for America’s 19 largest banks demonstrated the financial companies possess adequate capital to survive an economic event similar to the Great Recession. One exception was Citigroup (NYSE: C). Citi has had over two years to get its house in order. This has included selling or segregating bad businesses, and the elimination of 50,000 jobs. Many of the building blocks added to the financial supermarket by “founder” Sandy Weill have completely disappeared. The bank’s management must be humiliated. And, Citi will have to renig on its near-promise to return money to investors via a higher dividend or stock buy back.
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