Vikram Pandit, Citigroup's chief executive, will today raise the prospect of the US bank earning as much as $20bn from its core business within a few years, a big increase from current levels that would mark a sharp revival in Citi's fortunes.
Mr Pandit's move – to be made as he details Citi's strategy to investors – is a bold attempt to shift financial markets' attention away from Citi's huge losses and repeated government bail-outs during the crisis. But it will also raise the stakes over Mr Pandit's tenure at the helm of the financial group by linking his future to the success of the strategy and financial performance.
People close to the situation said Mr Pandit would not give a specific profit target for Citicorp, the wholesale and retail banking operations that will remain part of the company once it sheds some $500bn-plus in unwanted assets and businesses. However, the Citi chief is expected to walk investors through Citicorp's earnings potential as the company focuses on its unrivalled reach across the global economy.