May 9, 2008 11:14AM
Citi: Excess Capital Is Sign of Strength In Uncertain Times
By Donna Fuscaldo
Executives at Citi faced questions about its move to raise capital by selling shares. Citi defended the practice by saying that having excess capital is a sign of strength in times of uncertainty. Citigroup says there are a number opportunities that the company can use the excess capital for. Since November Citi has raised $40 billion and recently announced it widening a new stock offering from $3 billion to $4.5billion.
