From Citi’s latest 8-K, which Vikula is going to have framed and hung in his office: Read more »
Proving yet again that in this country, we don’t let banks fail even if they want to. Read more »
For those of you who failed to mark it down on your calendars, please be advised that today is Vikram Pandit’s birthday (his 54th to be exact). Normally we’d tell you to drop what you’re doing and pick up something for him A-SAP but this year we’d advise you to go the no presents route. Not because Vickles is one of those faux modest jerks who says “no gifts, just your company” while not really meaning it but because we can say with absolute certainty that you will not top the gift to end all gifts Vikula is already poised to receive. Dick Parsons, if you’ll do the honors. Read more »
For the last few years or so, Citi has been shown relatively little respect by market participants. That may have had to do with the fact that the bank was not a very desirable asset, having decided during the Sandy Weill era that big is beautiful. Unfortunately the C went a little too far with the idea, making it it’s business to consume everything in arm’s reach. It quite literally became “too big to fail,” and the only attention it got was negative. Receiving the sort of admiration and compliments afforded to a place like Goldman or JPMorgan was out of the question; the nicest thing you could say about C was it would take home plenty of ribbons at a pie eating contest– “best digestion,” etc. And Vickles ain’t gonna lie the jabs stung. But now? Post-makeover that’s included shedding assets, slimming down and getting back to the “core” business? Vikram is feeling hot. Regulation hottie hot. And not just when he and C look in the mirror, but in the eyes of the Street.
Pandit touted moves the bank has made to streamline its operations—winding down Citi Holdings, selling assets and improving efficiency in its global operations. The holding company was separated from Citi’s general operations to get rid of the toxic assets that remained on the company balance sheet.
“…the markets are increasingly recognizing who we are…” Pandit told CNBC. The company has made progression in its global business and trading arms and will “have the market appreciate even more what Citi is,” he added.
As you may or may not have noticed, things have really been looking up at Citi. The bank beat Goldman at something, it got the government’s ball-gag removed from its mouth and today comes the news it was able to land a big hire in academic rainmaker, Peter Orszag, whose job description is “youngest member of Citi’s Senior Strategic Advisory group, a counsel of Wall Street wise men that its bankers can call on to parachute in with advice on complex deals.” And that’s not all. Read more »
Oh that’s right, ladies. Citi has actually beat Goldman Sachs (and Morgan Stanley) at something. True, it’s the number of times the bank tapped the Federal Reserve’s credit facilities but they will take what they can get! Read more »
When you’re applying for a gig on Wall Street these days, you’ve got to do something that will set you apart from the crowd. Jobs are scarce and while anyone can tell a firm why they should be hired, few go the extra mile to show. Armed with this knowledge and the knowledge that competition for positions at Citi is fierce, one recent applicant knew she had to raise the stakes. She didn’t just send Citi a resume and cover letter indicating her interest and qualifications– anyone can do that. She sent them an 11-page presentation entitled “I’m Always Awake With Citi: 9 Reasons Why You SHOULD Hire Me As Your Investment Banking Analyst” filled with headers like “Smart” and lotsa clip art. Perhaps it was the reasons, perhaps it was the fact that she appealed to someone at Citi’s love of its insomniac tagline, but we’re told she’s been asked to come in next week. (We’re also told she created similar presentations for other banks, such as BAML, which has also invited her to stop by next week, and that she has interviews set up with “several” firms. Citi may be her “dream,” but they’re not the only ones who should be offered a piece of this and girlfriend is a hustler.) Job-seekers, take note.
Subject: Citi Investment Banking Analyst Application
I’m here to apply for Investment Banking Analyst position in Citi, my dream job in dream company. I’m graduating business school in Dec 2010, so I can start work in January 2011. My cover letter and resume are attached and I will appreciate it very much if you could do me favor to talk a look or forward them to other hiring managers.
Look forward to hearing from you.
Thanks very much.