WHEN: Today, Friday, February 27th at 10AM ET
WHERE: CNBC's "Squawk on the Street"
Following is the unofficial transcript of a FIRST ON CNBC interview with Gary Crittenden, Citigroup CFO today on CNBC's "Squawk on the Street."
All references must be sourced to CNBC.
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BURNETT: ALL RIGHT. THE GOVERNMENT HAS AGREED -- THEY'RE CONVERTING THEIR STAKE IN CITIGROUP FROM PREFERRED SHARES TO COMMON SHARES. THEY WILL NOW OWN ABOUT 36% OF THE COMPANY. CITIGROUP UNVEILING ANOTHER $10 BILLION DOLLARS IN FOURTH QUARTER LOSSES ALONG WITH THAT THE EXECUTIVES FINISHING UP THEIR CONFERENCE CALL A MINUTE AGO.YOU HEARD MARY THOMPSON REPORTING ON THAT.HERE WITH US NOW CITIGROUP'S CHIEF FINANCIAL OFFICER GARY CRITTENDEN.THANK YOU FOR BEING WITH US.
CRITTENDEN: GOOD MORNING.
BURNETT: WE HAVE MARK HAINES, DAVID AND MARY. WE'LL GO AROUND THE HORN.LET ME START WITH THIS, JUST TO CLARIFY, YOU SAID THIS IS NOT ANINCREASE IN TERMS OF THE AMOUNT OF MONEY THE GOVERNMENT IS PUTTING INTO CITIGROUP.SIMPLY A SHIFT IN THE FORM OF THE MONEY.YOU RAN A STRESS TEST THAT YOU SAID IS EVEN MORE ONEROUS THAN THE ONE THE GOVERNMENT WOULD REQUIRE.YOU'RE EXPECTING ACCORDING TO YOUR NEED FOR CAPITAL, HOUSING PRICES COULD DROP 22% OR MORE.YOU STILL WOULDN'T NEED TO RAISEMORE MONEY. IS THAT CORRECT? I MEAN, YOU ANTICIPATE ATTHIS POINT THAT THAT SORT OF DETERIORATION NOT NEEDING ADDITIONAL CASH FROM TAXPAYERS?
CRITTENDEN: I THINK THE WAY I PHRASED IT ON THE CONFERENCE CALL THAT WE JUST COMPLETED A LITTLE WHILE AGO WAS THAT WE RAN A STRESS TEST WHICH ON MOST PARAMETERS IS MORE DIFFICULT OR MORE CONSERVATIVE THAN WHAT THE GOVERNMENT'S STRESS TEST APPEARS TO BE ON FIRST BLUSH.WHEN YOU GO THROUGH THAT PROCESS, WE ARRIVE ON THE OTHER SIDE OF WHAT WE WOULD STILL CATEGORIZE A VERY STRONG CAPITALBASE.THERE ARE FACTORS TO THINK ABOUTTHAT THAT CONTEXT.THE GOVERNMENT STRESS TEST HAD JUST COME OUT. WE DON'T KNOW HOW THOSE ECONOMIC FACTORS WILL TRANSLATE INTO THE FINANCIAL IMPACT THAT THOSE FACTORS WILL HAVE. NO ONE WOULD KNOW THAT YET BECAUSE THOSE DISCUSSIONS HAVEN'T HAPPENED WITH THE GOVERNMENT. WE DON'T KNOW WHAT EVENTUAL LEVEL OF CAPITAL THE GOVERNMENT'S GOING TO REQUIRE. UNTIL THOSE FACTORS ARE KNOWN, IT WOULD BE DIFFICULT FOR SOMEONE TO SAY THERE'S NO NEED FOR ADDITIONAL CAPITAL.
BURNETT: IT'S A FAIR POINT FOR YOU TO SAY THAT. SOME OF YOUR COLLEAGUES IN OTHERBANKS HAVE TRIED TO BE CATEGORICAL ABOUT NOT NEEDING MORE, AND IT WOULD BE FAIR OF YOU TO SAY YOU DON'T KNOW. THE WORD NATIONALIZATIONS A BECOME AN OBSESSION IN THIS COUNTRY.THE GOVERNMENT HAS PUT RESTRICTIONS AROUND HOW YOU CAN COMPENSATE PEOPLE, THEY'VE PUT RESTRICTIONS ON REWORKING MORTGAGES THAT CITIGROUP MAY HAVE MADE IN RECENT YEARS. I WANTED TO ASK YOU WHEN WE TALK ABOUT NATIONALIZATION, THE GOVERNMENT OWNS 36% OF YOUR COMPANY NOW. WHAT DECISIONS DO YOU STILL HAVE COMPLETE AUTHORITY OVER THAT YOUDON'T NEED TO RUN BY THE GOVERNMENT?
CRITTENDEN: WELL, THE DAY-TO-DAY OPERATING DECISIONS THAT ARE MADE IN THE COMPANY ARE MADE BY THE MANAGEMENT OF THE BUSINESS.AND AS YOU KNOW, THOSE DECISIONS ARE ALWAYS PART OF WHAT WE REVIEW WITH OUR BOARD OF DIRECTORS AND WITH THE REGULATORS THAT WE WORK WITH ALLTHE TIME.I MEAN, I THINK THE WAY TO THINK ABOUT THIS IS THAT REGULATORS THAT I DEAL WITH WANT THE SAME THINGS FOR THE COMPANY THAT WE WANT.THEY WANT US TO HAVE A CLEAR STRATEGY. THEY WANT US TO MANAGE WITH EFFECTIVE COSTS. THEY WANT US TO MANAGE OUR CAPITAL WELL.THEY HAVE THE SAME OVERALL OBJECTIVES THAT WE HAVE. SO I THINK THERE'S PRETTY STRONG CONSISTENCY BETWEEN THE OBJECTIVES OF THE REGULATOR, THE OBJECTIVES OF THE GOVERNMENT AND THOSE OF OUR SHAREHOLDERS.
HAINES: YOU'RE TELLING ME YOU'RE HAPPY HAVING THESE PEOPLE LOOKING OVER YOUR SHOULDER?
CRITTENDEN: I HAVE TO TELL YOU, MARK, WE ARE APPRECIATIVE OF THE INVESTMENT THAT THE GOVERNMENT HAS MADE IN US. YOU KNOW, THEY'VE MADE A SIGNIFICANT COMMITMENT TO THE COMPANY.AS YOU KNOW, $45 BILLION.AND WE BELIEVE WE HAVE A STEWARDSHIP RELATED TO THAT $45 BILLION.AND WE'RE GOING TO --
HAINES: OH, YEAH, YOU DO, MAKE NO MISTAKE ABOUT THAT.
CRITTENDEN: WE'RE GOING TO TRY TO DO OUR LEVEL BEST TO DO A GOOD JOB.
HAINES: ALL RIGHT. NOW, IS THIS THE WAY YOU WOULD PREFER TO HAVE THINGS, PREFERRED CONVERTED INTO COMMON, IS THIS THE WAY YOU WANT IT?
CRITTENDEN: FOR A LONG TIME WE'VE ARGUED THAT TIER ONE CAPITAL WAS REALLY THE RISK CAPITAL FOR THE COMPANY AND THAT THE VERY BEST WAY FOR COMMON SHAREHOLDERS TO BENEFIT WOULD BE FOR TIER ONE CAPITAL TO BE WIDELY RECOGNIZED AS THE WAY TO THINK ABOUT CAPITALIZATION IN BANKS. BUT IT HAS BEEN INCREASINGLY CLEAR OVER THE LAST COUPLE OF MONTHS THAT THE MARKET HAS BEEN VERY CONCERNED ABOUT THE ABSOLUTE LEVEL OF TANGIBLE COMMON EQUITY. OUR STOCK DROPPED LAST WEEK DOWNTO $1.65. THIS ACTION IS DIRECTLY TARGETEDAT TRYING TO ADDRESS THAT CONCERN. SO IT CHANGES THE FORM OF CAPITAL AND HOPEFULLY IT ADDRESSES THE ISSUE THAT THE MARKET HAS HAD.
FABER: MR. CRITTENTON, IT'S DAVID FABER. AS TO THE $81 IN TANGIBLE EQUITY A GOOD DEAL IS MADE UP OF A DEFERRED TAX ASSET, IS THAT CORRECT?
CRITTENDEN: THAT'S CORRECT.
FABER: $45 BILLION. DON'T YOU ACTUALLY NEED TO MAKE MONEY FOR THAT TO ACTUALLY BE ABLE TO BE USED?
CRITTENDEN: OBVIOUSLY, YOU DO. THAT DEFERRED TAX ASSET HAS TO BE RECOGNIZED DEPENDING ON WHETHER IT A FOREIGN TAX CREDIT OR DOMESTIC TAX CREDIT, IT HAS TO BE REALIZED OVER 10 TO 20 YEAR. THAT'S THE BASIS ON WHICH THAT CALCULATION IS DONE.
FABER: YOU MENTIONED FOREIGN OR DOMESTIC.I'M CURIOUS, WHEN YOU LOOK AT CITI'S BALANCE SHEET AT THIS POINT AND THINK ABOUT THE RISK ON THAT BALANCE SHEET, YOU'VE ALREADY SPOKEN TO THIS A BIT, WHERE IS MORE OF THE RISK, IN YOUR OPINION, GIVEN SO MANY THINGS THAT ARE GOING ON IN THE FOREIGN MARKET, PARTICULARLY EASTERN EUROPE, WESTERN EUROPEAN BANKS. DO YOU SEE MORE RISKS DOMESTICALLY OR INTERNATIONALLY?
CRITTENDEN: WE CONTINUE TO THINK THERE'S MORE RISK DOMESTICALLY THAN INTERNATIONALLY.THE PRIMARY POINT IS THAT WE HAVE SUBSTANTIALLY CUT THE RISK THAT WE'VE HAD ON THE BALANCE SHEET FROM A YEAR AGO. AS YOU KNOW, WE INHERITED VERY SIGNIFICANT RISK POSITIONS WHICH WE HAVE CUT SUBSTANTIALLY. BUT TODAY I WOULD SAY THAT THAT RISK IS TILTED A LITTLE MORE DOMESTICALLY. OUR INTERNATIONAL FRANCHISE IS UP SCALE FOR THE MOST PART. IF YOU HAD TO MAKE A GENERAL STATEMENT WOULD LEAN STILL MORE TOWARDS RISK DOMESTICALLY.
THOMPSON: THIS IS MARY THOMPSON. OF YOU LOOK AT THE REACTION IN THE MARKET TODAY, INVESTORS AREN'T PLEASED WITH THIS AT LEAST AT FIRST BLUSH. WHY WOULD AN INVESTOR BUY YOUR STOCK RIGHT NOW?
CRITTENDEN: I THINK YOU'RE GOING TO SEE WHAT'S HAPPENING IS THERE'S GOING TO BE A CONVERSION OF PREFERRED SHAREHOLDERS INTO COMMON SHAREHOLDERS. THE PREFERRED SHAREHOLDERS ARE NOT NATURAL OWNERS OF THE COMMON STOCK. SO I DON'T THINK IT'S AT ALL UNUSUAL TO SEE SOME DISLOCATION OF THE STOCK AND I THINK YOU'LL SEE THAT FOR SOME TIME UNTIL THIS EXCHANGE OFFERING SORTS ITSELF OUT.BUT THIS ACTUALLY ADDRESSES THE QUESTION THAT IT'S BEEN ON THE MIND OF COMMON SHAREHOLDERS. IS THERE SUFFIICIENT TANGIBLE EQUITY IN THIS COMPANY?WE'VE DIRECTLY ISSUED THAT BY TAKING THIS STEP.WE'LL EMERGE ON THE OTHER SIDE IF WE'RE SUCCESSFUL WITH THIS EXCHANGE OFFER WITH A SUBSTANTIAL AMOUNT OF BOOK EQUITY.AND WE HOPE OBVIOUSLY THAT THAT BOOK EQUITY TRADES WELL.
THOMPSON: YOU'RE ELIMINATING YOUR COMMON DIVIDEND AS WELL AS DIVIDENDS FOR THE PREFERRED SHAREHOLDERS WHO CHOOSE TO CONVERT THEIR SHARES TO COMMON STOCK.HOW MUCH MONEY WILL CITI SAVE FROM THESE MOVES?
CRITTENDEN: WELL, THE PREFERRED DIVIDEND WAS JUST UNDER $6 BILLION SOME OF THAT PREFERRED DIVIDEND WILL BE CONVERTED OVER TO AN INTEREST COUPON ON THE REMAINING GOVERNMENT INVESTMENT THAT IS NOT CONVERTED OVER INTO COMMON STOCK. AND SO THAT WILL DEPEND ON EXACTLY WHAT THE TOTAL EXCHANGE IS. OF COURSE WE WON'T KNOW THAT UNTIL THE TRANSACTION IS COMPLETED.
BURNETT: A COUPLE OF QUESTIONS HERE JUST ON THE DETAIL.HAS THE GOVERNMENT BEEN INVOLVEDIN ANY DISCUSSIONS OVER WHAT ASSET US WILL SET AND PARTICULAR, OBVIOUSLY, BANAMEX?
CRITTENDEN: WE REVIEW ALL THE TIME WITH THE GOVERNMENT THE ASSETS THAT WE HAVE ON OUR LIST OF DISPOSITIONS. AS YOU KNOW, WE DIVIDED THE COMPANY INTO CITICORP AND TO CITI HOLDINGS. BANAMEX IS PART OF CITICORP. ITS ONE OF THE CORE ASPECTS OF THE COMPANY THAT'S NOT PART OF WHAT WE'RE ANTICIPATING DIVESTING.
BURNETT: BUT YOU DO TALK ABOUT IT WITH THEM ALL THE TIME.AND WHAT ABOUT THIS -- BARNEY FRANK SPOKE TO "THE NEW YORK TIMES" EARLIER THIS WEEK AND ESSENTIALLY SAID SOMETHING ALONG THE LINES OF THIS. MARKETING EXPENSES FOR FINANCIALFIRMS TO BE FOR REAL MARKETING NOT EGO BOOST WHICH IS WHAT I THINK NAMING RIGHTS ARE.OBVIOUSLY THIS INFLUENTIAL HEAD OF THE FINANCIAL SERVICES COMMITTEE.YOU HAVE STILL THE METS STADIUM HERE FOR CITIGROUP. 20-YEAR DEAL, $400 MILLION.ARE YOU EVALUATING IT?WE SPOKE LAST FALL.YOU SAID YOU WEREN'T AWARE YOU WERE EVALUATING IT.
CRITTENDEN: WE TALKED ABOUT THAT LAST FALL.WE HAVE A CONTRACTUAL OBLIGATION.WE HONOR OUR CONTRACTUAL OBLIGATIONS.AND SO WE'RE COMMITTED TO THAT. AND WE'RE GOING TO CONTINUE TO HONOR OUR OBLIGATIONS.
HAINES: IT WOULD BE GREAT FOR PUBLICITY FOR YOU BECAUSE THE METS ARE GOING TO KICK BUTT ANYWAY.
CRITTENDEN: I HOPE SO, MARK.
HAINES: AND FABER WILL SECOND ME ON THAT ONE. I'M FASCINATED BY THIS OVERSIGHT PROCESS. THE REGULATORS, THE OVERSEERS, ARE THEY SITTING THERE HAVING INPUT IN STRATEGY OR IS IT JUST A VERY NUMBERS, WELL, IF YOU SELL THAT, YOU'LL BE IN THIS POSITION, IF YOU SELL THAT, YOU'LL BE IN THAT POSITION? OR DO THEY GET INTO STRATEGY?
CRITTENDEN: NO, THE WAY IT WORKS -- AND THIS HAS ALWAYS BEEN THE WAY IT WORKS THE COMPANY DEVELOPS ITS STRATEGY.A NORMAL STRATEGIC PLANNING PROCESS WE GO THROUGH. WE PRESENT THAT STRATEGY TO OUR BOARD OF DIRECTORS AND WE SHARE THAT STRATEGY WITH THEREGULATORS.AND THAT'S ALWAYS BEEN THE CASE.THEY'VE ALWAYS HAD INPUT INTO THAT. THIS IS A HIGHLY REGULATED INDUSTRY.AND SO THEY REVIEW THAT PROCESS. AND THEN WE HAVE VERY REGULAR INTERACTIONS WITH OUR REGULATORS.THAT'S ALWAYS BEEN THE CASE AND THAT CONTINUES TO BE THE CASE. I HAVE REGULARLY SCHEDULED MEETINGS EVERY OTHER WEEK WITH THE REGULATORY TEAM THAT WORKS WITH CITI AND I HAVE PHONE CALLS.
HAINES: AND COULD THEY RUN YOUR BANK?
CRITTENDEN: NO, I THINK AS I SAID TO ERIN,YOU KNOW, WE HAVE THE OPERATING RESPONSIBILITY FOR THE BANK.
HAINES: NO, WHAT I'M SAYING IS DO THEY HAVE THE BRAINS TO RUN YOURBANK?
CRITTENDEN: WELL, AS YOU KNOW, THERE'S SOME VERY TALENTED PEOPLE IN THEREGULATORY WORLD.YOU KNOW, WE BENEFIT A LOT FROM THEIR INPUT.
FABER: DAVID FABER.YOU KNOW, OBVIOUSLY WE BEGAN THIS CONVERSATION BY YOUR SAYINGWE DON'T NEED ANY NEW MONEY.YOU'RE NOT GETTING ANY NEW MONEY, SO TO SPEAK.YOU WILL SAVE MONEY, OF COURSE, ON THOSE DIVIDEND PAYMENTS THAT WON'T BE MADE ANY LONGER --
CRITTENDEN: DAVID, LET ME CORRECT YOU THERE. I SAID UNDER THE CIRCUMSTANCES THAT I OUTLINED WE DIDN'T NEED ANY NEW MONEY BUT THERE ARE SOMECIRCUMSTANCES THAT I MENTIONED TO ERIN WHERE WE MIGHT.
FABER: SORRY.THAT'S THE REASON FOR MY QUESTION.IF YOU DO, WHAT LEVERAGE CAN YOUPULL TO ACCESS MORE CAPITAL?
CRITTENDEN: THERE'S A SIGNIFICANT HUNK OFCAPITAL FROM THE GOVERNMENT THATEVEN UNDER THE MOST EXTREME SCENARIO THAT I PAINTED IN THE EARNINGS CALL TODAY STILL REMAINS UNCONVERTED.$20 BILLION CAPITAL FROM THE GOVERNMENT.THAT CAPITAL IS STILL AVAILABLE AND UNDER CERTAIN CIRCUMSTANCES COULD BE CONVERTED IF NECESSARY.
FABER: IF NECESSARY, THAT WOULD BE ANOTHER POSSIBILITY, MORE CONVERSION OF PREFERRED, THE 20 BILLION THAT YOU'RE GOING TO BE PAYING 8% ON, IS THAT CORRECT?
CRITTENDEN: THAT'S CORRECT.
FABER: TO COMMON. OKAY.THANK YOU.
BURNETT: MARY?
THOMSPON: I WANT TO ASK ABOUT THE INCREASED CHARGE THAT YOU TOOK IN THE FOURTH QUARTER THAT ACTUALLY BASICALLY DOUBLED YOUR LOSS FOR THE YEAR. CAN YOU JUST TELL US ABOUT THAT AND WHY WE HE ABOUT IT NOW AS OPPOSED TO EARLIER?
CRITTENDEN: ABSOLUTELY.WE DO OUR IMPAIRMENT TESTING FORGOODWILL AND INTANGIBLES IN THE MIDDLE OF THE QUARTER.WE COMPLETED THAT ON OCTOBER 31st FOR THE FOURTH QUARTER. IF YOU CAN GO THROUGH WHAT HAPPENED IN THE ECONOMY DURING THE COURSE OF NOVEMBER AND DECEMBER, OBVIOUSLY THE ECONOMIC CIRCUMSTANCES GLOBALLY DETERIORATED DURING THAT TIME PERIOD.SO WE THOUGHT THE PROPER THING TO DO WAS TO DO A SECOND REVALUATION OF THAT AT THE ENDOF THE FOURTH QUARTER.AND WE OBVIOUSLY TALKED ABOUT THAT IN OUR PRESS RELEASE.WE TALKED ABOUT THAT ON OUR EARNINGS CALL THAT WE WERE GOINGTHROUGH THAT PROCESS.
HAINES: I'M SORRY. GO AHEAD.
CRITTENDEN: SO WE COMPLETED THAT PROCESS AND THE RESULT IS THE ONE THAT WE ANNOUNCED TODAY.
HAINES: ARE YOU PERSONALLY BUYING ANY OF YOUR COMPANY'S STOCK?
CRITTENDEN: YOU KNOW, MARK, I OWN A SUBSTANTIAL STAKE IN THE COMPANY'S STOCK AND I HAVEN'T BOUGHT IN ANY IN THE LAST COUPLE OF YEARS.
FABER: FINAL QUESTION FROM ME.OBVIOUSLY THIS HAS BEEN AN EXTRAORDINARY PERIOD WE'VE BEEN GOING THROUGH.PAINFUL ONE FOR SO MANY FINANCIAL INSTITUTIONS.YOUR STOCK'S $1.80.YOU HAVE 22 BILLION SHARES OUTSTANDING, THE GOVERNMENT OWNS 36% OF THE COMPANY.WHAT IS THE INVESTMENT CONSTRUCT THAT YOU OFFER PEOPLE OUT THERE TO SAY, HEY, AT THIS POINT WE ARE A FINANCIAL INSTITUTION, YOU SHOULD CONSIDER INVESTING IN?
CRITTENDEN: I THINK THE THING I WOULD SAY, MARK -- I'M SORRY, THAT WAS DAVID, RIGHT?
FABER: YEAH.
CRITTENDEN: WE HAVE A VERY CLEAR STRATEGY THAT WE'VE ARTICULATED TO THE MARKETPLACE ABOUT CITICORP AND CITI HOLDINGS.WE THINK THE FUTURE OF CITICORP 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 THE STRATEGY THAT WE'VE ARTICULATED.OUR VIEW IS THAT THIS WILL GET THE RIGHT RESPONSE IN THE MARKET OVER TIME.
BURNETT: THIS IS THE FINAL QUESTION.THIS IS ERIN YOU'RE VERY GOOD AT RECOGNIZING ALL OF OUR VOICES SINCE I KNOW THEY'RE DISEMBODIED IN YOUR EAR.THE QUESTION IS HOW ANGRY PEOPLEARE AROUND THIS COUNTRY.EVERY TIME THE PRESIDENT SPEAKS,HE ACKNOWLEDGES IT, WHETHER TALKING ABOUT COMPENSATION OR GREEDY BEHAVIOR BY BANKS.THE ANGER IS REAL.WHAT CAN YOU SAY TO PEOPLE AROUND THE COUNTRY WHO ARE WATCHING AND BELIEVE THAT COMPANIES LIKE CITIGROUP ARE TO BLAME FOR THE CRISIS OUR COUNTRY IS IN?
CRITTENDEN: WELL, I GUESS WHAT I WOULD SAY IS THAT, YOU KNOW, THIS IS A NEW MANAGEMENT TEAM. THIS TEAM HAS BEEN HERE, DEPENDING ON THE INDIVIDUAL, SOMEWHERE BETWEEN ONE AND TWO YEARS. WE RECOGNIZE THE ISSUES, THE PROBLEMS THE INDUSTRY HAVE CAUSED FOR THE COUNTRY IN GENERAL. WE REALLY DO FEEL AN ACCOUNTABILITY TO BOTH HAVE A RETURN FOR OUR SHAREHOLDERS, THAT IS APPROPRIATE AND A RETURN BACK TO THE TAXPAYERS, WE'RE VERY FOCUSED ON THAT. WE VIEW THIS AS A TRUST THAT WE'VE BEEN GIVEN BY OUR SHAREHOLDERS. WE INTEND TO DO EVERYTHING WE CAN TO ENSURE THAT THEY GET THE APPROPRIATE PAYBACK FOR THE TRUST THEY HAVE GIVEN US. THANK YOU VERY MUCH.
BURNETT: WE APPRECIATE YOU TAKING THE TIME.
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