Applying for a internship with one of Wall Street’s storied investment bank’s this summer? Think you’ve got a pretty good chance of landing the gig? Confident that you stack up to everyone else in the pool? Not if you’re going head to head with this guy, whose qualifications speak for themselves:
I’ve seen my share of odd moments during annual meetings, but until Thursday I’d never seen a grown man cry during one. O.K., maybe “cry” is a bit of an overstatement for what happened. Still, it was pretty startling when, in the middle of his speech to Target Corporation shareholders, William A. Ackman, the hedge […]
Over at the Journal today you will find a story called “Awkward Spot For Citi’s CEO,” which details the various awkwardness encountered by Mike Corbat since he took over as Chief Executive Officer, following Vikram Pandit’s awkward ousting. There is also a delightful bonus round of awkwardness that comes as a postscript to the article, but we’ll get the that later. First, why are things slightly awk for Corbat?
Well, for starters, he knew that Pandit was going to be unexpectedly and unceremoniously fired long before VP did, including the entire time they were on a business trip together. The whole time they were flying over there together, having dinner together, meeting with clients together, taking in shows and doing touristy things when they had downtime from the conference together, he knew Pandit was about to get hit by a truck. No one blames Corbat for Vickles getting canned but, at the same time, there is a feeling by a few at Citi that you’d have to be some kind of monster to look a person in the eye and say “Sure, a trip the the Zen Temples sounds great,” and take in the cherry blossoms and drink sake and do karaoke and fight over who is Scarlett Johansson and who is Bill Murray with him all the while knowing what was going to happen when you got home.
For Vikram Pandit, a trip to Tokyo for the International Monetary Fund and World Bank conference last month seemed routine. But Michael Corbat, the longtime Citigroup executive who joined Mr. Pandit there, knew better. Unbeknown to Mr. Pandit, Citigroup Chairman Mike O’Neill had told Mr. Corbat that the board could seek Mr. Pandit’s resignation as chief executive and hand the job to Mr. Corbat, according to people familiar with the situation. A day after Messrs. Pandit and Corbat returned to New York, that is exactly what happened. A host of financial, competitive and regulatory issues confronts the 52-year-old Mr. Corbat atop the nation’s third-biggest bank by assets. But no task is more critical than soothing workers unsettled by the way the board ousted Mr. Pandit and his longtime right-hand man, John Havens, who ran the investment bank and served as president and chief operating officer. The effort is made even more delicate by Mr. Corbat’s proximity to Mr. Pandit in the days before the coup. Executives say they don’t blame Mr. Corbat for Mr. Pandit’s overthrow, though some wondered how Mr. Corbat was able to sit through the IMF meetings knowing what was to unfold.
Additionally awkward is the fact that there has been chatter around the office and scrawled on the walls of the men’s room that there’s only enough room in this Citi for one guy named Mike, and it’s not Corbat.
Adding to Mr. Corbat’s challenges is the perception among some insiders that he is overshadowed by Mr. O’Neill. Employees have privately joked that of the two Mikes, it is Mr. O’Neill who is truly in charge. People close to Mr. O’Neill dispute that notion and say he has spent little time at his Citigroup office in the past month.
Finally, you have the awkwardness of Mike not only knowing his colleague Vikram was going to be fired, but that his colleague and friend, John Havens, was getting the boot himself, which may or may not have caused auxiliary awkwardness for Corbat on the home front.
Mr. Corbat’s position is all the more awkward given his close personal relationship with Mr. Havens. The two men spent time together outside of work, occasionally vacationing with their wives at Mr. Havens’ Scotland estate.
All good examples of things that could be characterized as awkward to be sure. But! The absolute most wonderful bit of awkwardness to be found in “Awkward Spot For Citi’s CEO,” is, without question, this:
“There were a lot of time constraints and emotions going on…but people who are trying to dismantle it are wasting their time.”– Senator Dodd on Dodd-Frank.
When you have a guy– let’s call him Dick Fuld– who has spent a decent chunk of his career being referred to as “The Gorilla,” it’s difficult to impossible to expect underlings to assume that underneath the cold-blooded exterior beats the heart of sensitive soul. When this guy is known to speak in monosyllabic sentences […]
Time was, Jamie Dimon was referred to as “Obama’s favorite banker.” And for a while, he really was! And why shouldn’t he be? He’s a lifelong Democrat, he basically put Obama in office, he attended the 3-day inauguration in support of his guy. He’s extremely good-looking. He loves universal healthcare. He’s got charm and charisma […]
As you’re likely aware, one of the most important skills to master when you’re in this money making game is to be able to regulate your emotions. You can’t freak out every time you lose a little cash, and on the flip side, it’s probably a good idea to avoid doing an end-zone dance on […]