LONDON (MarketWatch) - Citigroup (C: 1.05, +0.01, +1.0%) was profitable during the first two months of the year, and its capital position is "strong," according to CEO Vikram Pandit in a memo distributed around the bank. He said the bank is enjoying the best quarter-to-date performance since the third quarter of 2007. The preferred exchange it announced nearly two weeks ago is expected to make Citi the strongest capitalized large U.S. bank as measured by tangible common equity and Tier 1 ratios, Pandit added.
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