In a move which can only be deemed totally out of character, Oppenheimer analyst Meredith Whitney wrote in a new research note that things are looking good for Citigroup, and estimated an increase in profits by $2.00 a share for the year.
Messing! When pigs fly, right? Girl’s never going to let this one go. And why should she? You don't turn your back on a tried and true crowd pleaser. Plus, it's not like management has suddenly figured out how to operate the thing. In her latest report, Whitney stressed yet again how little she thinks of the ‘group, predicting the firm will lose $1.15 a share in the quarter, quadrupling her previous guesstimate of 28 cents. She also warned that this “will not be our last reduction in 2008,” which would sound like an idle threat coming from someone like Mike Mayo but from Whitney, truly scares the shit out of people. In response, Citigroup CEO Vikram Pandit reiterated that he’ll be letting people know how he plans to right this ship, in 2-3 months. So far, he's got nothing.
Citigroup Estimates Cut by Oppenheimer's Whitney [Bloomberg]
Posted by guest , Mar 26, 2008 11:22AM
"write" or "right" a ship?
Posted by a dead horse , Mar 26, 2008 11:41AM
You don't operate Citigroup, you just let it operate and fix the parts that don't work and sell the parts you can't fix. Citi is too big to have an overlying strategy that can cover all of the different groups. One of these days, someone there will figure out that to run Citi, you get good managers (for a change) at the top of the groups, let them do what they know and then work with the groups that aren't succeeding to improve them.
Posted by Anal_yst , Mar 26, 2008 11:48AM
Mark my words, Meredith Whitney will be the next CFO of Citigroup...it is the path that is chosen for her...
Posted by guest , Mar 26, 2008 12:00PM
hilarious, she'd be so clueless
Posted by guest , Mar 26, 2008 12:08PM
Any former Citi folks on here who can speak to the conclusion that Citi is a logistical nightmare? Would be interested in hearing a former employees take.
Posted by Anal_yst , Mar 26, 2008 12:16PM
@ 12:08
From what I've heard that is, in fact, the case (and thats apparently puttinly it mildly)
Posted by guest , Mar 26, 2008 12:28PM
If she would send out some topless photos, I'd read her report.
Posted by gatekeeper , Mar 26, 2008 12:34PM
I am a former citi employee, and my take is: yes it is a logistical nightmare.
typical responses to a citi conference call:
1. Fuck
2. Ha!
3. I refuse to check my brokerage account for the next 6 months
4. FUUUUUUUDDDGGEEEE (except I didn't say fudge)
5. www.efinancialcareers.com
Posted by guest , Mar 26, 2008 12:43PM
@ 12:34 ---- No. 4 is great.
Love that movie
Posted by guest , Mar 26, 2008 12:44PM
It is just a question of time before Meredith becomes the next Elaine Garzarelli.
Posted by 36th Chamber , Mar 26, 2008 12:48PM
But there are so many synergies in citi! Synergies people! Seriously though, that place is a giant clusterfuck and dead horse is right - the only thing you can hope to do is delegate running the different groups to someone who knows what they're doing etc.
Posted by guest , Mar 26, 2008 12:56PM
@12:28 yu mean you actually GET research from Op&co?
Posted by mrpink , Mar 26, 2008 1:18PM
my favorite word of the year:
Shitshow.
-mrp
Posted by guest , Mar 26, 2008 1:35PM
i thought whitney worked for cibc?
Posted by guest , Mar 26, 2008 2:24PM
She did Opp bought CIBC's NA I-banking operation
Posted by guest , Mar 26, 2008 2:34PM
... or something. didn't like CIBC buy Opp yeeaaarrrs ago, and just spin it out again?
Posted by miami , Mar 26, 2008 2:57PM
Right the ship...
Like this one?
http://en.wikipedia.org/wiki/Image:CSFirstBoston_190-1-.gif