Depending on who you believe, at some point on Monday night, Vikram Pandit either decided to voluntarily leave his post at Citigroup or was pushed out by the board. Those going with Scenario B say Pandit was “ousted…after it was concluded his mismanagement had caused setbacks with regulators and cost credibility with investors,” and that the board wanted a chief executive officer who would “place a special emphasis on sharpening the company’s focus on achieving sustained, strong operating performance.” While some have suggested that Vikram did the best job anyone in his position could and that this fantasy that one day, with the right guy in charge, Citi could be competing with Goldman for most prestigious financial institution is laughable at best, others maintain the Big C’s best days are ahead of it.
One way the firm will supposedly get there is by cutting the many layers of fat it has accumulated over the years. Considering Citi is at the point that it has to be airlifted out of the house to get to work every morning and do basic errands around town, getting in shape will be no easy task. But if there’s one guy who can do it, it’s new CEO Mike Corbat, according his personal trainer. Read more »