Citi May Miss Profit Target - Report
Citigroup CEO Michael Corbat vowed to ramp up profitability, but he may miss a key target. The Wall Street Journal says the bank is warning investors it could fall short on its 10 percent goal next year for return on tangible common equity, a ratio of profit to equity owned by shareholders. This comes after the Fed's rejection of Citigroup's plan to hike its dividend and buybacks. Analysts say the bank was counting on a large share buyback to meet that 2015 target, according to the paper.