Citi's Vikram Pandit sees no repeat of 2008 crisis: reports

Citigroup CEO Vikram Pandit said the current turmoil in the global financial markets will not be a repeat of the 2008 downturn, Singapore newspapers reported on Friday.

hidden September 30, 2011 10:27:32 IST
Citi's Vikram Pandit sees no repeat of 2008 crisis: reports

Singapore: Citigroup CEO Vikram Pandit said the current turmoil in the global financial markets will not be a repeat of the 2008 downturn, Singapore newspapers reported on Friday.

Pandit told local media in an interview on the sideline of the bank's board meeting in the city-state that there is enough capital and liquidity in the global banking system to withstand the market volatility.

Citis Vikram Pandit sees no repeat of 2008 crisis reports

Citigroup CEO Vikram Pandit. Reuters

"The world's banking system is in a very different place than it was in 2008," he was quoted by the Straits Times as saying.

"Capital levels are high in the Asian banking system, they are well-positioned, there's a lot of liquidity...if you go to the Latin American banking system, that's the case as well."

Citi, the most international among US banks, was on the brink of collapse during the financial crisis three years ago.

Pandit also said in an interview he is confident that the European Union will find ways to solve the current crisis in the euro zone.

"I'm fully confident that the Europeans will figure it out...as that happens I don't think we need to worry about a financial crisis," the Business Times quoted him as saying.

Reuters

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Yogi Adityanath announces plans for 'country's biggest film city' in Noida
Entertainment

Yogi Adityanath announces plans for 'country's biggest film city' in Noida

While addressing a review meeting, the Uttar Pradesh chief minister announced that a film city will be opened in Noida's Gautam Buddh Nagar.

German Cup: Jude Bellingham scores on debut as Borussia Dortmund thrash MSV Duisburg; Dresden beat Hamburg
Sports

German Cup: Jude Bellingham scores on debut as Borussia Dortmund thrash MSV Duisburg; Dresden beat Hamburg

Dortmund’s task was made easier when Duisburg defender Dominic Volkmer was sent off for chopping down Erling Haaland in the 38th minute.

Premier League: Manchester City manager Pep Guardiola hails Kevin De Bruyne as best midfielder in the world
Sports

Premier League: Manchester City manager Pep Guardiola hails Kevin De Bruyne as best midfielder in the world

City playmaker De Bruyne was named the Professional Footballers' Association's player of the year this week after an outstanding 2019/20 campaign in which he clocked up a Premier League record-equalling 20 assists.