To: Citi Employees
From: Citi Board of Directors
Sent: Thursday, November 13, 2008 9:33 PM
Subject: Message from the Citi Board of Directors
It is important for us to communicate with you directly in light of recent media coverage of our company. The news coverage about the Chairman of our Board, Sir Win, is irresponsible and completely inaccurate, and we want you to understand and appreciate our perspective on it.
The Board of Directors and management are operating as one team
completely aligned on critical issues, opportunities, and the direction
of the company. This is especially important given the extraordinary
times in the market and the challenging economic environment we face.
We don’t need to review with you all the things that have been
accomplished is such a short period of time, but to highlight just a
few:
* Nearly $50 billion in new capital raised prior to the additional $25
billion from the US Treasury.
* A reduction in legacy assets by more than $100 billion since the first
quarter in addition to divestiture of a number of businesses.
* The decline of expenses for three consecutive quarters.
* The establishment of a new risk organization, with highly talented
professionals, and the reduction of risk overall.
* The reorganization of our businesses to serve our customers better and
to help make our people — our most important asset — as productive as
possible.
We are confident that the direction our management team has set is the
right direction — and the winning direction — for these extraordinary
times. Citi is well positioned for growth because of its unique global
universal bank model, and because it has the right talent, the right
management, and the right approach.
Considering the significant adversity presented by a sustained global
market downturn, all of your accomplishments have been nothing short of
extraordinary. You are leading by example and you have our full support
and appreciation.
Keep the faith!
Richard D. Parsons
Lead Director
channeling General Custer
zomg i am going long citi.
“We don’t need to review with you all the things that have been
accomplished [LOOK] IS [/LOOK] such a short period of time, but to highlight just a few:”
typo?
Nothing like a little DP to get your weekend started.
P.S. We are laying off another 60,000, yes fuckwads SIXTY THOUSAND, people in the coming months.
Enjoy your weekend.
I am interested in your bank products. Please provide me with your current 3 month CD rate and overdraft protection fees. Thanks.
P.S. We are laying off another 60,000, yes fuckwads SIXTY THOUSAND, people in the coming months.
Enjoy your weekend.
The worst possible financial company you could ever work for – trust me. This is a classic example of how they just don’t get it.
I heard 30,000. That 60,000 probably includes heads lost in the germany sale.
I heard 30,000. 60,000 probably includes heads from the germany retail banking sale.
Do idiots like Parsons really think that letters like this help morale? Or is this a way for them to justify their fat pay as ‘lead directors’?
Trust me, even the idiots who couldn’t get real jobs in finance and are stuck working at Citi won’t fall for this crap. They all know massive job cuts are coming and that’s what they are worried about.
Morale isn’t going to be boosted by an email saying the Board has full confidence in one of their own members. This just says: yeah, we’re going to lay off 10′s of thousands of you, but you can rest assured that every member of the Board of Directors is safe. We don’t think it’s the fault of anyone at Citi that the stock has gone from $50 to 9 – though many of you will have to pay for that with your careers. But you can be damned sure that if you work hard and pull this thing back from the brink of oblivion, Sir Win and I will be here to take credit and another tranche of options.
Pandit is gonna open more 7-Eleven banking centers. You couldn’t make this shit up.
I can’t wait for the merger of Citi-GM-Sears-Hartford-ACORN we’ll be getting in about 9 months.
@13 you forgot Freddie and Fannie
At 13 and 14 And you forgot the USA.
“We don’t need to review with you all the things that have been
accomplished [LOOK] IS [/LOOK] such a short period of time, but to highlight just a few:”
typo?
These guys cannot make money, have very little to do and writing a bullshit memo gets some brownie points with their buddies. Citi is known to be a crap outfit by anyone who gets out of bed in the morning. Note they have a few smart guys from MS. Hope that is enough. They inherited a mess.
@17
Still waiting for the smart guys to show up!
MS is down almost 75 % from its highs
GS is down almost 75% from its highs
Who are the smart people?
Not buying all this sudden hate for C.
Gasparino gets paid by GS. GS stock down but no one says anything about Blankfein or Mack losing their job. Why is that?
Dear Dick,
You were at Time , now you are at Citi, see any pattern here?
Move on,
Bob Nardelli
aren’t those flashing sirens from drudge?
Goldman conspiracy to bring down Citi. Spurned by Vik they’ve gotten the worst from the Goldman spin machine.
aren’t those flashing sirens from drudge?
How longbefore the fed backs Goldman to buy Citi?? Or maybe they just orchestrate a roll up Citi, Goldman, and Morgan Stanley.
@17 – Smart guys are at Bear, oh wait.
The smart guys are at Lehman, oh wait.
The smart guys are at Goldman. How much for that stock again?
No one’s looking too bright these days.
@23- Goldman couldn’t buy a burger at shake shack
@23- Goldman couldn’t buy a burger at shake shack
@25 Goldman couldn’t buy a recession special at Grays Papaya
@25 Goldman couldn’t buy a recession special at Grays Papaya
@25 Goldman couldn’t buy a recession special at Grays Papaya
@11 You’re a douchebag
Simons and Paulson both looking pretty smart. Einhorn looks smart but has some bad timing.
Hank Paulson to replace Pandit after his stint at treasury…?
Hank Paulson to replace Pandit after his stint at treasury…?
Hank Paulson to replace Pandit after his stint at treasury…?
Hank Paulson to replace Pandit after his stint at treasury…?
Two Dicks and a Vik…..what are the chances?
At least Vik can get a job in a call cente in Mumbai….