To: Citi EmployeesFrom: 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
Posted by guest , Nov 14, 2008 10:10AM
channeling General Custer
Posted by guest , Nov 14, 2008 10:10AM
zomg i am going long citi.
Posted by guest , Nov 14, 2008 10:12AM
"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?
Posted by guest , Nov 14, 2008 10:16AM
Nothing like a little DP to get your weekend started.
Posted by guest , Nov 14, 2008 10:17AM
P.S. We are laying off another 60,000, yes fuckwads SIXTY THOUSAND, people in the coming months.
Enjoy your weekend.
Posted by guest , Nov 14, 2008 10:19AM
I am interested in your bank products. Please provide me with your current 3 month CD rate and overdraft protection fees. Thanks.
Posted by guest , Nov 14, 2008 10:25AM
P.S. We are laying off another 60,000, yes fuckwads SIXTY THOUSAND, people in the coming months.
Enjoy your weekend.
Posted by guest , Nov 14, 2008 10:31AM
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.
Posted by guest , Nov 14, 2008 10:37AM
I heard 30,000. That 60,000 probably includes heads lost in the germany sale.
Posted by guest , Nov 14, 2008 10:41AM
I heard 30,000. 60,000 probably includes heads from the germany retail banking sale.
Posted by guest , Nov 14, 2008 10:45AM
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.
Posted by guest , Nov 14, 2008 10:46AM
Pandit is gonna open more 7-Eleven banking centers. You couldn't make this shit up.
Posted by miami , Nov 14, 2008 10:48AM
I can't wait for the merger of Citi-GM-Sears-Hartford-ACORN we'll be getting in about 9 months.
Posted by guest , Nov 14, 2008 10:53AM
@13 you forgot Freddie and Fannie
Posted by guest , Nov 14, 2008 11:01AM
At 13 and 14 And you forgot the USA.
Posted by guest , Nov 14, 2008 11:12AM
"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?
Posted by guest , Nov 14, 2008 11:19AM
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.
Posted by guest , Nov 14, 2008 11:32AM
@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?
Posted by guest , Nov 14, 2008 11:38AM
Dear Dick,
You were at Time , now you are at Citi, see any pattern here?
Move on,
Bob Nardelli
Posted by guest , Nov 14, 2008 11:39AM
aren't those flashing sirens from drudge?
Posted by guest , Nov 14, 2008 11:40AM
Goldman conspiracy to bring down Citi. Spurned by Vik they've gotten the worst from the Goldman spin machine.
Posted by guest , Nov 14, 2008 11:44AM
aren't those flashing sirens from drudge?
Posted by guest , Nov 14, 2008 11:46AM
How longbefore the fed backs Goldman to buy Citi?? Or maybe they just orchestrate a roll up Citi, Goldman, and Morgan Stanley.
Posted by guest , Nov 14, 2008 11:47AM
@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.
Posted by guest , Nov 14, 2008 11:52AM
@23- Goldman couldn't buy a burger at shake shack
Posted by guest , Nov 14, 2008 11:54AM
@23- Goldman couldn't buy a burger at shake shack
Posted by guest , Nov 14, 2008 11:55AM
@25 Goldman couldn't buy a recession special at Grays Papaya
Posted by guest , Nov 14, 2008 11:55AM
@25 Goldman couldn't buy a recession special at Grays Papaya
Posted by guest , Nov 14, 2008 11:56AM
@25 Goldman couldn't buy a recession special at Grays Papaya
Posted by guest , Nov 14, 2008 12:28PM
@11 You're a douchebag
Posted by guest , Nov 14, 2008 12:34PM
Simons and Paulson both looking pretty smart. Einhorn looks smart but has some bad timing.
Posted by guest , Nov 14, 2008 1:29PM
Hank Paulson to replace Pandit after his stint at treasury...?
Posted by guest , Nov 14, 2008 1:30PM
Hank Paulson to replace Pandit after his stint at treasury...?
Posted by guest , Nov 14, 2008 1:32PM
Hank Paulson to replace Pandit after his stint at treasury...?
Posted by guest , Nov 14, 2008 1:32PM
Hank Paulson to replace Pandit after his stint at treasury...?
Posted by guest , Nov 14, 2008 8:09PM
Two Dicks and a Vik.....what are the chances?
At least Vik can get a job in a call cente in Mumbai....