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
for louis vuitton discount , just clicks away
http://www.Idonthaveasite.com – Nosite Excellent post! Really loved it, havent seen an artice this good in a while.
There are some fascinating cut-off dates on this article however I don’t know if I see all of them center to heart. There is some validity however I’ll take hold opinion until I look into it further. Good article , thanks and we wish more! Added to FeedBurner as well
buy gold coins
There are some interesting closing dates on this article but I don’t know if I see all of them middle to heart. There is some validity but I will take hold opinion till I look into it further. Good article , thanks and we want more! Added to FeedBurner as effectively
zoloft lawsuit
i am from Russia so I don’t speak english quite well, but this post is really cool.
Best Notebooks
With thanks for this great web page. I am attempting to go through some a lot more posts but I cant get your website to display appropriately in my Opera Browser. Many thanks again.
hcg diet plan
A formidable share, I just given this onto a colleague who was doing slightly analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I really feel strongly about it and love reading more on this topic. If potential, as you turn into expertise, would you mind updating your weblog with more particulars? It’s extremely helpful for me. Massive thumb up for this blog put up!
raspberry ketone dr oz
Like the comment! and i love the blog, really useful info here
hcg diet drops
genuinely a excellent post. I will undoubtedly be reading this blog much more.
local seo
Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something. I think that you can do with a few pics to drive the message home a little bit, but other than that, this is magnificent blog. A great read. I’ll definitely be back.
Xrumer
I love your website, i really enjoy seeing your posts, good luck in the future.
Tagsten
Magnificent goods from you, man. I have understand your stuff previous to and you’re just too fantastic. I actually like what you have acquired here, certainly like what you are stating and the way in which you say it. You make it enjoyable and you still take care of to keep it wise. I can not wait to read far more from you. This is really a wonderful website.
get facebook fans
It’s the best time to make some plans for the future and it is time to be happy. I’ve read this post and if I could I wish to suggest you some interesting things or advice. Maybe you can write next articles referring to this article. I desire to read more things about it!
HVAC Certification
wicked weblog, that is going on my twitter.
zoloft lawsuit settlements
Hey! I’ve been checking your site for some time. You have really sweet posts. Sweet job.
Social Media Marketing Chicago
Awesome a single, many thanks for the tip
Nyt Tag
I was suggested this blog by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my trouble. You’re wonderful! Thanks!
get twitter followers
I am tottaly a new fan of this website! I like websites and am glad to find this place where i can speak about those things!
text message marketing
very good submit, i definitely love this website, keep on it
hemingway cigar
Hi, The above content articles is incredibly impressive,
business intelligence systems
Hmmm for some reason only half the post might be seen. I tried reloading but still exact same.
mujeres haciendo el amor
zTx4qx Awesome article post.Much thanks again. Awesome.
I think your post on the new site sound very true for all. Very well writed. I look forward to see more here.
article spinner
I was recommended this blog by my cousin. I am not sure whether this post is written by him as nobody else know such detailed about my difficulty. You are wonderful! Thanks!
value of coins
thanks about your post. very gud.
satellite tv for pc
I thought your post was cool and will visit often.
http://www.bondescorts.co.uk/cheap-london-escorts.html
I discovered your blog site on google and verify a couple of of your early posts. Proceed to maintain up the excellent operate. I just extra up your RSS feed to my MSN Information Reader. In search of ahead to reading extra from you in a while!…
An impressive share, I just given this onto a colleague who was doing a little evaluation on this. And he in fact bought me breakfast as a result of I discovered it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I really feel strongly about it and love reading extra on this topic. If doable, as you develop into experience, would you thoughts updating your weblog with extra details? It’s highly helpful for me. Huge thumb up for this blog publish!
Denver dance clubs
wow i love these, good work! wow cool i love those, good work!
spilleautomater
Hi! I believed your submit was great and will stop by frequently.
dance clubs in Denver
I’m from Russia so I can’t write english very well, but this post is really sweet.
kuba cigar
Quite awesome post, the post gave a bunch of information. Thank you
ignition interlock device atlanta
Great post.. really loved ur website. This brings ur maturity. Keep going
college basketball pick
genuinely a outstanding submit. I’ll undoubtedly be examining this website much more.
http://skinnyladydiet.org
Definitely helpful idea for me . Will you posting some far more ? coz i would like to stick to ur twitter or facebook
Click here
What a super blog! to significantly info and a extremely short life hehehehe keep it up, good operate
moda para bodas
Glad to hear! love your blog and your way of writing! Maybe you will show me some tips.
irs tax attorneys
What a super website! to very much info and a very short lifestyle hehehehe maintain it up, great deliver the results
Buffalo tours
I must say that this publish will be the most relevant content I’ve ever understand and saw. It is a great aid to everyone who’s searching for this details.
outsourcing services
Hello I like your blog. I actually just created one of my own, studied a lot from you’r website. Thanks
http://compareiphoneinsurance.org/
Hello! I’ve been looking your site for a while. You have really useful posts. Great job^^
sports betting
Here quite good article … lighting is so big a part of your aesthetic, so it’s most interesting to read about how it was formed
radionics rate