Citigroup chief pledges ‘industrial strength’ plan for regulators

The chief executive at Citigroup, Inc. is vowing to respond to recent regulatory problems with an “industrial strength” plan, The Wall Street Journal reports.

On a call Monday with analysts, the Citigroup CEO Michael Corbat was asked whether the bank’s recent failure to win approval from the Federal Reserve for its plan to return capital to investors was a “wake up call,” the newspaper reported.

"We're wide awake," the WSJ quotes Corbat as saying, "I want, and I know shareholders deserve, an industrial-strength, permanent solution that paves the way for sustainable capital return over time."

The WSJ’s Christina Rexrode and Saabira Chauduri report that the call – one of Corbat’s biggest tests since taking the helm of the nation’s third largest lender by assets, was “dominated” by questions about stress tests.

Check out the full story in The Wall Street Journal here.