Monday, November 2, 2009


OVER the past 80 years, the United States government has engineered not one, not two, not three, but at least four rescues of the institution now known as Citigroup. In previous instances, the bank came back from the crisis and prospered...

VIKRAM S. PANDIT, Citigroup's C.E.O., said in an interview that he was confident that Citigroup was on the right course, focusing on global banking and shedding segments of the company — like insurance and the brokerage business — that aren't part of that mission. To date, he said Citigroup had sharply reduced its expenses, improved how it monitors risk, and established a management team that he said would return the bank to sustained profitability.

"Our distinctiveness is we connect the world better than anyone else," he said, noting Citigroup's global reach. "We have a great capability of building a business around that. And we are in the process of building a culture around that."

("connect with the world better than anyone else" -- that's just the kind of pie-in-the-sky thinking that got you into this mess. How about delivering value to customers and being boring. In today's world that would be a competitive advantage).

Full article.