From: vikrampandit@citi.comSent: Friday, November 14, 2008 12:48 PM
Subject: Global Town Hall on Monday, November 17
Dear Citi colleagues,
Please join me at a Town Hall meeting at 8 a.m. on Monday morning (complete Town Hall viewing locations below).
I want to talk with you about our accomplishments over the last eleven months and why despite the major challenges currently facing our industry and the economy I continue to be optimistic about the future.
Our capital is plentiful, we have abundant liquidity, and our revenue is strong. Moreover, we have great businesses in the most profitable markets run by the most talented people in the industry.* We now have $75 billion in new capital and another $10 billion from
divestitures.* We've reduced our assets by 13 percent and our legacy assets by 35
percent.* We have $24 billion in loan loss reserves up from $8 billion a year
ago.* We've doubled our cash position this year.
* We've grown our core deposit base by 19 percent to nearly $800 billion
* Our structural liquidity is on par or better than that of our industry
peers.* We've reduced our risk exposure and our marks have declined
significantly.* Our revenues are strong and stable. So far this year our core run rate
is $95 billion. That's only $2 billion less than last year which was a
record breaking year and a very different environment than today's.Let's take firm hold of what we can control about Citi -- the money we
spend, the time we invest, the way we do business -- and use them all to
our advantage. By working smarter and more efficiently, we have the
opportunity to build operating leverage and position us for sustained
growth when the markets recover.I'll discuss all this and more on Monday. If you have a question, please
submit it in advance. I'll answer as many as time allows. Until then,
thanks for your hard work and for your unshakable commitment to Citi.Vikram
-----
The Town Hall will be held at 399 Park Avenue in New York City and
broadcast live in North and South America and EMEA, in addition to the
business television networks and a listen-only phone line. A recording
of the Town Hall will be posted on the Broadcast Center by Tuesday,
November 18.
Earlier: Vikram Pandit: "We can make Citi the best company in the world, bar none."
Posted by NAS Keflavik boi , Nov 14, 2008 2:04PM
easy to be optimistic when you figure you'll be reincarnated... a few dozen lifetimes should be plenty to de-fux0r citi
Posted by guest , Nov 14, 2008 2:07PM
"...accomplishments,challenges,optimistic ,plentiful,abundant,profitable,talented ,unshakable..."
-just a few words from that mess telling me you will be receiving a complimentary KY gift bag.
Posted by guest , Nov 14, 2008 2:10PM
SO Mr Pandit,
i. why has Citi shares fallen by more tha 70% since you took over 11 months ago?
ii. Why is there a boardroom revolt against Sin Win Bischoff?
iii. And dude you just bought shares two days so be quiet!
Nonsense!!!
Posted by guest , Nov 14, 2008 2:12PM
It's friday and I always get nervous when CNBC talks continuously about a single bank on friday. Someone should ask Meredith what is going on at Citi. At this point probably pandit should ask her to step in and help him run things.
Posted by guest , Nov 14, 2008 2:12PM
He continues to be optimistic because he sold Old Lame to ShittyBank for a fortune - which is likely safely in Treasuries, plus he has a massive call option on this thing actually turning around.
He's just like Mark Cuban - cashed out at the top and moving the pieces for fun - instead of sitting on the sidelines of a basketball game and yelling at the referees, he's throwing around $250B ... errr ... $50B of shareholder value and yelling at Treasury Secretaries and Fed Chairmen.
Posted by guest , Nov 14, 2008 2:13PM
Did Jamie approve this?
Posted by guest , Nov 14, 2008 2:14PM
At a departmental town hall meeting last fall about 500 Citi employees heard all the great news at the time (just like this one), read like a cheerleader by their boss. On the very last powerpoint page he mentions that pretty much all of their jobs are either being cut or moved elsewhere, then said "Thanks for coming everybody!".
Posted by guest , Nov 14, 2008 2:15PM
SO Mr Pandit,
i. why has Citi shares fallen by more tha 70% since you took over 11 months ago?
ii. Why is there a boardroom revolt against Sin Win Bischoff?
iii. And dude you just bought shares two days so be quiet!
Nonsense!!!
Posted by guest , Nov 14, 2008 2:29PM
@6...LOL!!!!
Funny he doesn't mention the 10-60 THOUSAND PEOPLE being thrown out the fucking door.
This how Count Vikula RIFs people!
http://www.youtube.com/watch?v=YbxSQSNVKjE
Posted by guest , Nov 14, 2008 2:31PM
use of "plentiful" and "abundant" in the same line made me hungry. need a snack.
Posted by guest , Nov 14, 2008 2:35PM
"discuss our accomplishments over the last eleven months" ...
going to be short meeting (led by a short man)
Posted by guest , Nov 14, 2008 2:35PM
@10...vending machine challenge? Help us out here...DB is boring today.
Posted by guest , Nov 14, 2008 2:36PM
60,000 souls--and they will undoubtedly withdraw their deposits. Nice job.
See you at the job fairs.
http://endofesq.com/?p=523
Posted by guest , Nov 14, 2008 2:38PM
"@10...vending machine challenge? Help us out here...DB is boring today."
why don't you leave then, chump?
Posted by guest , Nov 14, 2008 2:40PM
I got thrown out of a fucking window!
Posted by Headless Horseman , Nov 14, 2008 2:41PM
@ 8
You can repost the same thing at five minute intervals for the rest of your life and it sill won't make your comments insightful to anyone with even a cursory familiarity with Citi's situation.
C's Town Hall = A glorified pep rally not unlike those that used to be held for my high school football team which, coincidentally, was also a perpetual loser.
Get down,
HH
Posted by guest , Nov 14, 2008 2:44PM
"Everyone on the right side of this town hall meeting, please exit to your left to get your complimentary pink slip..."
Posted by guest , Nov 14, 2008 2:44PM
Hey its Bank Failure Friday...odds on who's getting bitched slapped by the FDIC today?
Downey: 1-5
Citi: 5-1
JPM: 10000-1
Sovreign: 3-1
BAC: 9999-1
HBAN: 8-1
Add as you please...
Posted by guest , Nov 14, 2008 3:10PM
Chump is the new black.
Posted by guest , Nov 14, 2008 3:26PM
Bar none? How can a guy get a drink around here?
Posted by guest , Nov 14, 2008 3:30PM
How many people did CNBC just report that Citi is laying off? So I guess those folks don't have to worry about the town hall?
Redemptions? Have they mattered?
Posted by guest , Nov 14, 2008 3:32PM
Clusterstock saying Vikram may not have his job by Monday.
Posted by guest , Nov 14, 2008 3:43PM
But 22, he is planning a town hall. Of course he will have his job on monday silly, it is everyone else who won't have theirs.
But, what does Meredith have to say?
Posted by guest , Nov 14, 2008 3:44PM
C is not gonna fail... It's just be bought out by some obscure Canadian bank for chump change.
Posted by guest , Nov 14, 2008 3:45PM
@22- "clusterstock" ie gasparino.
clusterstock is also "saying" citi has sent out internal memos, both stolen from dealbreaker.
Posted by guest , Nov 14, 2008 3:45PM
Why does Maria have to keep talking about the "destruction of wealth"? She is depressing.
Posted by NAS Keflavik boi , Nov 14, 2008 3:48PM
@ 26
Maria is facing the chronological reality that she has hit the friggin wall insofar as her (vastly overrated) babetude is concerned, and, such being the case, her mind naturally drifts toward thoughts of destruction and demise.
Posted by guest , Nov 14, 2008 4:14PM
CITI NEVER! SLEEPS!!!!!!
Posted by guest , Nov 14, 2008 5:54PM
People think your wrong until your right,
Vik is doing his thing.
All his competitors haven't done anything different and are getting hammered because of it.
Posted by guest , Nov 14, 2008 6:17PM
count vikula will be axed soon.....with citi's incredible turn around and the great value his hedge fund added to bank after it acquired it, there's no doubting it.
Posted by guest , Nov 14, 2008 6:32PM
Bye Bye viksta, we'll miss you
P.S.: You are a little dirtybag that fu*ked Citi shareholders with the Old Lane deal and you really don't care what happens to Citi, since being the CEO of a large bank is an ego-trip for you.
Posted by guest , Nov 14, 2008 7:36PM
Vik aint goin nowhere
Posted by guest , Nov 14, 2008 7:37PM
Vik aint goin nowhere
Posted by guest , Nov 14, 2008 7:37PM
Vik aint goin nowhere
Posted by guest , Nov 14, 2008 8:06PM
Vik and Dick must be smokin' fomthe same pipe.....
Posted by guest , Nov 14, 2008 8:06PM
Vik and Dick must be smokin' from the same pipe.....
Posted by guest , Nov 14, 2008 8:06PM
Vik and Dick must be smokin' from the same pipe.....
Posted by guest , Nov 14, 2008 8:14PM
32 - 37 obviously the same person and somewhat impaired.
Meredith Whitney just reported on Citi a day or two ago. I read it yesterday. She didn't think they were doing very well now or would do too well in the future.
I think Vik is toast. When share price can't get above $10 and you have to lay off tens of thousands of people at the same time you're holding employee pep rallies, something is just not working.
I don't think the shareholders of this size of a company are going to go into oblivion quietly.
Posted by guest , Nov 14, 2008 8:47PM
There should be a complete investigation into the sale of Old Lane. Pandit and the boys made hundreds of millions by selling a newly formed firm into Citi. It was subsequently shut down. That's the real news. Not that they invested a few million of their gains in Citi stock. Before Citi recieves any Gov aid, the Old Lane proceeds should be paid back.
Posted by guest , Nov 15, 2008 3:53AM
#39 prince fucked up citi and he was the one who chose to pay $800m for the frabricated hedge fund. if you want to line up idiots next to yourself find prince. try to get some facts about the shut down before more shit comes from your mouth.
there are enough idiots at citi who need to get the axe. pandit and havens could only do better than the fuckwits already there.
Posted by guest , Nov 15, 2008 7:03AM
Citi needs to be sold off eventually that is logical end to this mess. One piece or broken down but with the stock price falling it looks like it may happen very soon. As for the management and the board I think they are a bunch of losers with no control over the firm. Citi mostly operates like a cluster of smaller units (kingdoms) each doing their own thing, most of the time is spent in politics. People who will get the boot will get it not because they were non-performers but because they we not favored by the lords. Being able to suck-up is an absolute necessity in Citi.
Posted by guest , Nov 15, 2008 9:07AM
@40...I know more about Old Lane than anyone with the possible exception of Pandit, Havens and Ramakrishnan...get the facts before spouting off...there needs to be a total investigation...@39
Posted by guest , Nov 15, 2008 12:39PM
Citi has been a disaster since the merger. Weill never spent dime one on technology or systems, which is why internal risk reporting is a joke.
Weill should have been indicted for his collusion with Armstrong over the Grubman fiasco.
Rubin was paid off for the repeal of Glass Steagal; he should be thrown out on his ear.
Prince was a typical lawyer - no idea of banking.
Maheras is the one laughing to the bank as he presided over Fixed Income's implosion. What a worthless piece of ****.
Pandit is a moron - Old Lane couldn't even match the returns of the S&P, let alone the Indian market. he got the job because no-one else wanted it. Screwing up the Wachovia transaction - what a joke. That should have been enough to get his sorry ass fired. But then blowing off Goldman - the one chance to fix Citi. He deserves to be canned for that.
Posted by guest , Nov 15, 2008 10:00PM
I actually think it's a pretty good memo.