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"Today's changes don't reflect any desire to alter strategic direction," says new Citigroup (C)...

"Today's changes don't reflect any desire to alter strategic direction," says new Citigroup (C) CEO Mike Corbat, along with Chairman Mike O'Neill, currently holding a conference call (webcast). Why the changes then? As for selling businesses, Corbat says he will take a fresh look, but promises nothing. Both CRO Brian Leach and CFO John Gerspach "are committed" to staying.
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  • Jonathan Christopher
    , contributor
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    Not surprised by this at all. The new Board chairman wants his own team in place, He spent about 8 months getting a feel for the players and the needs. Citi needs someone with strong operational experience in a commercial bank - and Pandit is not that man.

     

    I expect that the Chair and Pandit had some long conversations to see if there were some other options, and it probably came down to: Viktor- I have a new guy, a real operator that I want to put in place. He already works here and knows the players and the rules. how do you want to handle it? Well, Viktor says - He's here, he knows the game plan, and he knows the people. I don't need to hold his hand. I have about billion in assets, and now is a really good time for someone with cash in hand. I don't need to stay around. Let's make it a clean cut. I like where the company is right now. the last report was pretty good.. I'll go home tomorrow, and you can handle the goodbye's..
    16 Oct 2012, 05:30 PM Reply Like
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