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
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
