From: vikrampandit@citi.com
Sent: Tuesday, January 27, 2009 11:53 AM
Subject: Realignment Leadership Team
Dear Citi Colleagues,
By now you’ve had some time to learn more about our plan to reduce our balance sheet and simplify our organization. The realignment we announced on January 16th will give Citi the widest range of options going forward as we continue to strengthen our core franchise. You can learn more about it here.
We’ve made quick progress on this reorganization and I thank you for all of the hard work that has already been done.
To ensure our success, we need the right people in charge who will be accountable for the performance of their business. I’m pleased to announce some of the members of the leadership team who will be directly responsible for driving and managing excellence in each of these business units around the world.
Citicorp
Citicorp, our global bank for businesses and consumers, has two primary
businesses: the Global Institutional Bank serving corporate,
institutional, public sector and private banking clients; and our
regional consumer banks which provides traditional banking services,
including our industry-leading branded cards as well as small commercial
banking. With its strong presence in the fastest-growing areas of the
world, Citicorp has unique competitive advantages that allow us to serve
our customers better than our competitors.
* John Havens will lead our Global Institutional Bank. John was
previously CEO of the Institutional Clients Group, and Chairman and CEO
of Citi Alternative Investments.
The current heads of the regional consumer and commercial banking
franchises in the U.S., Asia, Latin America, Central and Eastern Europe,
and the Middle East will remain in place and assume responsibility for
our credit card businesses in their regions. They are:
* Terri Dial, Global Head of Consumer Strategy and CEO of Consumer
Banking in North America. George Awad is leading our North America
credit card business and reporting to Terri. Ed Eger, in his role as
global card coordinator, will also report to Terri.
* Ajay Banga, CEO, Citigroup Asia-Pacific.
* Manuel Medina-Mora, CEO, Citigroup Latin America and Mexico.
* William Mills, CEO, Citigroup Western Europe, Middle East and Africa;
Shirish Apte, CEO, Citigroup Central and Eastern Europe.
Citi Holdings
Citi Holdings has three primary businesses: brokerage and asset
management, local consumer, and a special asset pool. Many of the
businesses are profitable and healthy but do not sufficiently enhance
the capabilities of Citi’s core business. With strong, dedicated
management, Citi Holdings will tighten its focus on risk management and
credit quality as it builds value in these businesses.
* Mike Corbat will serve as interim CEO until we appoint a permanent
chief executive. Mike will also be serving as the head of the brokerage
and asset management unit of Citi Holdings. He most recently served as
the CEO of Citi’s Global Wealth Management unit.
* Steve Freiberg will oversee the Consumer Businesses. Most recently,
Steve has been Chief Executive Officer of Global Cards. From 2005 until
March 2008, Steve served as Chairman and Chief Executive Officer of
Citigroup’s Global Consumer Group N.A. and Co-Chair of the Global
Consumer Group.
* Rick Stuckey will run the Special Asset Pool. Rick is a seasoned
portfolio manager and in his new position he’ll manage assets including
those covered by the loss-sharing agreement with the U.S. government
parties in the ring-fenced portfolio.
Please join me in wishing the best success to this new team of leaders.
We’ve made great progress but we still have much work to do. I thank you
for all that you have done, and will do, as we get Citi back on the path
to profitability.
Vikram
Is Rick Stuckey from the famous Stuckey family of road side truck stops that no longer exist?
path to profitability…..fat chance Vik, not on your watch
great site must read:!
http://dabagirls.wordpress.com/
“Special asset pool”
Well now, isn’t that special.
hate to say it, but sounds alot like, well, deck chairs…
god, I want to punch that face so hard. If my finger break in the process all the sweeter.
Just more unpatriotic negativity from liberals who hate America, free-enterprise, and the troops.
“realignment” – a ha ha — that’s what the Navy always sez when they do a new reduction in force.
for a second I thought Steve Feinberg will head the consumer business
What does the manager of a ring-fenced portfolio of assets covered by a loss-sharing arrangement do all day?
“Citi Holdings has three primary businesses: brokerage and asset
management, local consumer, and a special asset pool.”
Sounds alot like Monty Python’s Spanish Inquisition to me…
“Our chief weapon is surprise…surprise and fear…*Two* weapons are fear and surprise, and ruthless efficiency, *Three* weapons are fear, surprise, and ruthless efficiency…
What! No mention of homeboy “Ajay” first on the list? Shocking, just shocking!
How times are a changing huh? Even our little boutique ibank allows us to travel business class when we go international.
Suck it Citi.
By now you’ve had some time to learn more about our plan to reduce our balance sheet
Translation: Fuck mark to market and the P&L we’re holding this shit to maturity. Or at least until the market comes back in 5 years or so and then we’ll reclass it. If it’s not smoke and mirrors then it’s not for Citi..
and simplify our organization.
Translation: If any of the letters “A” through “T” are either of your first or last name please step forward and await further instructions.
The realignment we announced on January 16th will give Citi the widest range of options going forward as we continue to strengthen our core franchise.
Translation: Thank you for stepping forward. You’re fired.
We’ve made quick progress on this reorganization and I thank you for all of the hard work that has already been done.
Translation: There’s not much left of the company so get the fuck out while you can.
To ensure our success, we need the right people in charge who will be accountable for the performance of their business.
Translation: We’re going to fire more people.
special asset pool.. hmm heres an idea. i’ll take the assets bundle them together sell them in traunches and offer investors high interest rates yields on the riskier portions! Brilliant! Who wants in? hmm maybe ill start with iceland, they have a bustling economy.
-Ricky “tricky dicky” Stuckey
Were gonna make soo much money!!!!
the same f*ckin retreads…. I wish the gov’t would just come in with the coup de grace and end the suffering…
melissa lee reporting this memo on cnbc now.
Love to hear where they’re valuing those assets being thrown in to that special asset pool. Haha.
I heart memos so much
Dealbook has this same memo, with the time of 11:14
I see they have learned their lesson in copying off of Dealbreaker.
@14 – comment of the day so far. Heee-larious.
“Existing population will be revalidated.”
That has an ominous tone to it….
I heard they’re gonna bring back Druskin to head up Citi Holdings.
@10: he probably laughs
I used to work at Citi and the culture there is nauseating. They never admit they are sucking ass or screwed anything up. It doesn’t matter how obvious it is. They could accidentally drop a nuke on NYC and Vikrim would send out a memo saying how they have the people to manage the situation and will continue to make Citi the best bank in the world.
does anyone know what happened to knitzer? he was a star a year ago and all mention of him has vanished from the website