Banking, finance, and taxes
Citigroup (C): Two Businesses Need Two CEOs
Published:
Last Updated:
Buried a bit in the news that the government had entered into a definitive agreement to share losses on $301 billion of Citigroup’s toxic assets and the announcement that the company lost $8.3 billion last quarter was a description of a plan to break the firm into two pieces.
The new operations will be called Citicorp and Citi Holdings. Citicorp will function as a commercial bank. The holdings operation will have the company’s brokerage and asset management businesses.
Vikram Pandit, Citi’s CEO, would, it appears, be the head of both units. He has done such a poor job managing the large financial services company that it is amazing that the board would allow him to run the two pieces of an operation that he has nearly ruined. Pandit should be left to run the traditional bank and someone with a better set of skills for managing the business of managing money should be hired as head of Citi Holdings.
Douglas A. McIntyre
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
