Live-Blogging "Citi's Capital Agreement with the US Government" Call

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Led by CFO Gary Crittenden.
2:01: Gar is late. Hold music.
2:04: Michael Roberts, head of corporate bank takes the mic. Given what happened last night, we thought we take a sec to chat with you, our corporate and investor client and counterparties.
2:05: Guy named Paul takes the mic. Thanks for your confidence and enduring parternship. We will emerge a stronger bank.
2:05: Gar in the house.
-Tremendous amount of turmoil. It affected our stock price, specifically.
-We had conversations with those who regulated us, and decide to go forward with those conversations.
-We got a lot of capital out of it. "The form in which we did it was innovative."
-"The implications for us is that the capital we're required to hold against the assets the gov't is now responsible for has gone down."
-Before last week, our capital position was strong. Now it's extraordinarly strong. We have the highest tier-1 ratio of any financial institution."
-Let's take stock of what we've done in the last year at Citi, which may have been "overlooked in the newspapers."
-5 primary business lines, which we said we intended to grow, an agenda we've been busy working at.
-Costs are substantially below fourth quarter of last year.
-Reduced non-productive assets.
-Worked very hard on liquidity, and now it's substantially better than a year ago, especially 'cause of the cash injection from the government.
-Reduced risk concentrations.
-Working hard on our talent agenda.
-"Our liquidity has doubled."
-"There's cash associated with what we just did this weekend."
Gary says he'd be happy to take questions. Awesomely, he does. From Paul. A Citi executive.
Paul: Can you comment on our intention to continue supporting our country network at Citi?
Gary: "The thing that distinguishes us is that you can deal with us and we'll support you around the world in one unified network, in lots of types of businesses. At our core, it's the network that we offer that sets us apart. It's going to be a world class operation going forward."

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