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]
“write” or “right” a ship?
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.
Mark my words, Meredith Whitney will be the next CFO of Citigroup…it is the path that is chosen for her…
hilarious, she’d be so clueless
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.
@ 12:08
From what I’ve heard that is, in fact, the case (and thats apparently puttinly it mildly)
If she would send out some topless photos, I’d read her report.
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. http://www.efinancialcareers.com
@ 12:34 —- No. 4 is great.
Love that movie
It is just a question of time before Meredith becomes the next Elaine Garzarelli.
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.
@12:28 yu mean you actually GET research from Op&co?
my favorite word of the year:
Shitshow.
-mrp
i thought whitney worked for cibc?
She did Opp bought CIBC’s NA I-banking operation
… or something. didn’t like CIBC buy Opp yeeaaarrrs ago, and just spin it out again?
Right the ship…
Like this one?
http://en.wikipedia.org/wiki/Image:CSFirstBoston_190-1-.gif