de ja vu, page-16

there was a response pandit about the situation on wednesday
Pandit has been given a big job as to John Thain at merrill but i believe they both can work through things

NEW YORK (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research) Chief Executive Vikram Pandit on Wednesday called the bank "financially sound," amid speculation that the $30 billion of new capital it has raised isn't enough to safeguard it from mounting losses from subprime mortgages and other risky debt.

In an internal memo, Pandit also called the largest U.S. bank "well capitalized," and characterized most of its major units as "dynamic and thriving businesses."

Since taking over in December for Charles Prince, who resigned under pressure, Pandit has faced calls from some investors to overhaul New York-based Citigroup.

Write-downs and credit losses led to a record $9.83 billion fourth-quarter loss, and have caused the bank's shares to fall about three-fifths since May to a nine-year low.

Pandit is now traveling the globe to review Citigroup's operations, and examine ways to cut costs and boost earnings.

A Citigroup spokeswoman confirmed the memo's contents.

In the last four months, Citigroup has raised capital from Abu Dhabi, Kuwait, Singapore, Saudi Prince Alwaleed bin Talal, and a variety of public investors.

But shares fell to their lowest since November 1998 after Sameer al-Ansari, the head of Dubai International Capital, on Tuesday said Citigroup may need "a lot more money" to address its financial problems.