Pre-emptive Resignations

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"Were you sacked, or did you quit?"
"I'm not sure, actually."
- Lord of the Admiralty to his aide.
In the last 18 months, almost half of Citigroup’s senior management for consumer operations (and we use the term loosely) has jumped ship. The latest tri-fecta being Faith Massingale, head of Citi’s international cards operation, Ashok Vaswani, head of Asia Pacific, and Joyce Phillips, head of international retail banking. Massingale and Philllips brought in $16 billion in revenue last year. While it’s not news to anyone that Chuck Prince, aside from being named for a popular brand of pasta, has been blamed for the loss of top executives, over management style, coyly termed "differences of opinions concerning company perks", the Financial Times notes that departures “lower down the chain are more worrying.” One anonymous soul commented that he doubts “whether many investors or even some more board members realize the extent of the losses.” If that doesn’t get Prince’s attention, perhaps the fact that several of the departees have joined noted arch-rival Jamie Dimon, at JPMorgan Chase will put some sauce on.
Citi unit sees exodus of managers [FT]

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