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Who Should Run Citigroup?

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Deal Journal says Joe Torre, in an attempt to illustrate the fact that there’s no natural candidate for the job of running a company that “has proven itself so complex as to be ungovernable." Okay, but Torre actually already has a new gig with the Dodgers, so he’s unavailable. But we like the idea of coming up with someone for Citi CEO who’s so completely inappropriate for the position, whose nomination is so totally insane that it might actually work. The only one we’ve got so far is Hitler, which right off the bat would be fun because the C board is really into grave digging. Additionally, that place could benefit from a little Weekend at Bernie’s humor. Finally, it’s common knowledge that when you have (the corpse of) a genocidal maniac in charge, other banks know not to fuck with you. Surely you can do better (though I think ours should at least be considered). The best submission will get the job.
Why Not Joe Torre for the Citigroup Job? [Deal Journal]


Meredith Whitney: Citigroup Should Just Give Up

Earlier today, we wondered if, in light of the news that Vikram Pandit had resigned as CEO of Citigroup, analyst Meredith Whitney's opinion of the bank had changed. Choice comments that Whitney has made about the Big C in the past have included: "Citigroup is in such a mess Stephen Hawking couldn’t turn this company around"; "Citi is like an old broken-down Victorian house"; and Citi “has no earnings power, isn’t going to grow, hasn’t been investable in four years." She also once told Maria Bartiromo that the only way she'd change her mind about company would be if she received "a new brain." Still, sometimes analysts change their tune when new blood is brought in and, like former FDIC chair Sheila Bair, perhaps some of her beef with the bank had been a personal dislike of Uncle V. Now that he's gone, is she seeing Citigroup in a new light? Not so much, no. In the wake of CEO Vikram Pandit‘s surprise departure this morning, Whitney, founder and CEO of Meredith Whtney Advisory Group LLC, issued a note cautioning clients to be wary of Citigroup even under new leadership. “Citigroup is ‘the incredible shrinking bank,’ and the least interest of the big four, in our opinion,” Whitney said. “No CEO will be able to change these facts in the near-term. It appears the board feels the same way, as they have appointed an unknown to the outside to the new CEO position, Mike Corbat.” [...] On Tuesday, the stock has wavered between gains and losses on heavy trading volume in reaction to Pandit’s resignation. Shares are up 29% this year through Monday’s close. Despite signs of incremental improvement, Whitney isn’t backing down from her bearish stance. “Any seat in Citigroup’s court should come with a warning label,” Whitney says. Meredith Whitney: No CEO Can Fix Citigroup [WSJ] Earlier: Meredith Whitney Cannot Stress Enough How Little She Thinks Of Citigroup