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Vikram Pandit: "We will be the long-term winner in the industry"

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Sent: Monday, November 17, 2008 11:18 AM
To: Vikram Pandit
Subject: Today's Town Hall
Dear Citi Colleagues,
A few minutes ago I concluded a Town Hall meeting in New York. I shared
with you what I shared with the Senior Leadership Committee last week,
and you'll be hearing more about it from the leaders of your
organizations in the coming days.
There are a few points that I would like to reiterate:

* All of you have done an outstanding job in the last 11 months -
we are in a far stronger position going into 2009 than we were going
into 2008. And we are even better positioned for 2010.
* Our underlying business remains strong and revenues have been
* We have shrunk our balance sheet and sold businesses consistent
with our strategy. We will continue with these efforts.
* We have been very successful at bringing our expenses down.
2009 expenses are expected to be between $50 and $52 billion, down
almost 20 percent from peak levels. We expect headcount to be down 20
percent in the near term from the peak of 375,000 at year-end 2007.
* We have significantly reduced our risky assets while putting the
company in a very strong capital position. Our new risk management
organization is much stronger.
* We have spent the last year "getting fit," are more streamlined,
and are in a strong competitive position to take advantage of future
opportunities. We will be the long-term winner in the industry.
I would encourage you to view the presentation at
The coming year could be a difficult one for our clients and customers.
Citi needs you to maintain your focus on helping them succeed because
now is the time when lasting loyalty is earned.
And in return you can have confidence that I and the Citi leadership
team will stay focused on strengthening Citi and positioning all of us
to benefit when conditions inevitably improve.