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"It's a little bit like a pizza—whether you have 10 slices or 12, it's the same pie."
Vikram Pandit, Citigroup’s CEO, trying to assure investors that they won’t lose value through a reverse split of the company’s stock that will reduce their total shares by around 90%.

The following are notes from our Monday morning meeting.

Switzerland will make UBS and Credit Suisse meet new equity Tier 1 capital standards of at least 10%, versus the 7% minimum set under Basel III.
 
J.P. Morgan will pay $56m to settle a class action suit by over 4,000 military families who were overcharged interest or foreclosed illegally; CEO Jamie Dimon has apologised to shareholders.
 
Jalil Alokozay, the CEO of Dubai’s Alokozay Group, said it will set up a bank in Afghanistan in the next two months by acquiring a local lender.
 
Satoru Nishibori, the CEO of Mizuho Bank, will resign in June over the bank’s massive IT outage, after two years and three months on the job.
 
Liu Mingkang of the CBRC and Chen Yuh-chang of Taiwan’s FSC will meet today in Taipei to discuss a cross-strait financial supervisory platform and Taiwanese banks’ Rmb operations in China.

Police in Vietnam charged three officials of state-run Agribank, the country’s biggest by assets, for a violation of credit regulations that caused a loss of at least $5.7m.

Philippine Deposit Insurance Corporation president Jose Nograles resigned following the closure of Banco Filipino Savings and Mortgage Bank, where only 60% of deposits were insured.

Indian Bank will raise $1b in overseas bonds to boost loans in Singapore and Sri Lanka.

David Liddy, the CEO of Australia’s Bank of Queensland, will resign in December, after announcing 1H profits were down 45% yoy.