It's the end of the line for Citigroup. The "group" will soon be gone as Pandit Dismantles Weill Empire to Salvage the Bank Within Citi.
Vikram Pandit is unraveling his empire to save his bank. Citigroup Inc.’s chief executive officer said yesterday he would cede control of the Smith Barney brokerage to Morgan Stanley. Pandit may also dump the CitiFinancial consumer-lending unit, tag Tokyo-based Nikko Asset Management Co. for eventual sale and rein in trading with the bank’s own capital, people familiar with the matter said.
Some current and former Citigroup executives place the blame for the firm’s troubles on Weill. He refused to spend enough on technology and failed to integrate the new companies he acquired, say people familiar with the matter.
Peacenik can barely process all the bad financial news Peacenik is reading. Here is a story about the demise of Citigroup, one of he biggest banks in the world. It is broke. And the reaction of the media and the public? Yawn. The public has been inured to bad fiscal news now. Your bank is broke or going broke? Yawn. The Phoenix Coyotes are bankrupt? Yawn. Peacenik wonders when ATMs will suddenly stop functioning. Peacenik forgets how to bank in person. Does in-person banking still exist? Oh well, Wayne Gretzky is a great Canadian.
