So is Citi really on the mend?

The news about Citi's profitable months, via an employee memo from Citi CEO Vikram Pandit, excited the markets. But few are willing to pronounce that that the bank is finally on the mend. Especially in a punitive economic environment, the near-term roadmap remains iffy.

One big issue: The bank's deferred tax assets. In the memo, Pandit wrote that "even if near-term conditions deteriorate significantly, we expect to be able to realize the majority of our DTAs," or deferred tax assets. Fortune notes some skepticism about that. "In order to eventually use the tax assets--and, in the meantime, to justify counting these intangible assets as part of its capital cushion against losses--Citi must soon start churning out steady profits."

For more:
- here's the article

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