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Citigroup CFO: We Have 'Very Strong Capital Base'

Citigroup CFO Gary Crittenden told CNBC that the bank has a "very strong capital base" even though the US government had to prop up the troubled banking giant on Friday, the third rescue attempt in five months.

Crittenden also said it was too early to tell if Citigroup would need additional capital from the government beyond the $45 billion it's already received.

Here are the highlights of the wide-ranging interview with Crittenden shortly after the government rescue effort was announced Friday:

Stress Test, Additional Capital

“We ran a stress test that is more difficult and more conservative than what the government’s stress test appears to be. And when you go through that process, we would still categorize as [having a] very strong capital base.”

“The government stress test has just come out and we don’t know how those economic factors are going to translate into the financial impact that those economic factors are going to have. No one would know that because those discussions haven’t happened with the government. And secondly, we don’t know what kind of eventual level of capital the government is going to require…”

On Government Involvement with Citigroup

“The day to day operating decisions that are made in the company are made by the management of the business and those decisions always part of what we review with the board of directors and the regulators we work with all the time…”

“We are appreciative of the investment that the government has made in us. They’ve made a significant commitment to the company. As you know, $45 billion dollars. And we believe we have a stewardship related to that $45 billion dollars and we’re going to do our best to do a good job.”

On Domestic vs. International Risk

“I think we continue to think that there is more risk domestically than internationally. But the primary point is that we’ve substantially cut the risk that we’ve had on the balance sheet from a year ago. As you know, we inherited some very significant risk positions which we have cut substantially. But today, I would say that risk is still more tilted a little more domestically.”

Citi Corp. vs. Citi Holdings

“We think that the future of Citi Corp. is very bright and we think there’s substantial opportunity to realize value out of Citi Holdings over time. The company is properly capitalized, we’ve done an excellent job of managing our expenses over the last year, we’ve done an excellent job of managing down the unproductive assets that we have. Our job is to continue to execute on this strategy that we’ve articulated and our view is that that view is going to get the right response in the market over time.”