Citigroup’s (C) CEO, Vikram Pandit, wasted the time of three dozen or so of his top executives. He took them on a retreat and laid out what he called “Rules of the Road." a seven-part guide to managing Citi in the future.
According to The New York Times,Those rules include items like “client connectivity,” “transparency” and “product excellence.” The program is simply a stack of cow pies and cliches. It is another indication of Pandit’s lack of skill to run the big financial services company.
What Pandit has not done is go to his management and the market with an overall plan for what assets Citi wants to keep and how it will put its still-considerable muscle behind them. He has not made it clear which assets are "non-core" and should be auctioned off to the highest bidders. Without the road map available for all to see, Pandit’s approach will be perceived as unfocused and unproductive.
The white board is empty. Pandit needs to get himself a black marker.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.