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Citigroup CEO Vikram Pandit has supported President Barack Obama's bank regulation plans saying that it is the ‘right direction’ to go for a steady growth.
On the eve of the World Economic Forum at Davos, the Indian American CEO said, "We are quite aligned with the principals he set out."
"We think it's generally the right direct. It shouldn't be a surprise given what we've been doing at Citi for the past few years," he was quoted as saying by the news channel.
"We're 20 percent smaller in size as a bank," Pandit said. "We've asked ourselves are we in client business or not - which we are- do these businesses belong with us or not, and if they don't we've sold them," he added.
Echoing the concerns of Deutsche Bank's CEO, Josef Ackermann about the global set of rules, he said "It is an international industry. Level playing fields are really important around the world."
"Ultimately the G20 has to come together and call us around some set of rules. And if this is the direction they want to go in, I think that direction is generally fine with us," said Pandit.
Pandit also said that he expected the government would sell their 27% stake in Citi group at some time next year.
He also said,"We are inclined to sell the stock over time, and we're going to do everything we can to help them."
