This article in the Financial Times says a lot:
Basically, Citigroup is employing 25,000 software engineers. 25,000. 25 THOUSAND. This is amazing, that the US Government would prop up a business that is so obviously mismanaged. Do you KNOW what I could DO if I had a business with 25 THOUSAND software engineers at my disposal???
So, in the weeks to come, Citi says that they'll cut $1 Billion in costs, from integration efforts. That tells me that there are lots of fiefdoms in Citigroup, including the one in Las Colinas (Dallas area).
It doesn't take 150,000 people to run the IT operations of Citigroup. That just tells me that the people in charge have been lax at their responsibilities, including the responsibility of directors to play nicely together. Citigroup is a poster child for office politics gone bad (like I said in a previous post). That said, they need to get their act together, invest in completely new systems to replace the old, and create value for their shareholders.
In all fairness, many of these engineers are in India, where they are not necessarily free to speak their opinion to their Western directors. The politics at Citigroup are giving these people a bad reputation.
If you have shares in Citigroup, VOTE