Never let it be said that running a global financial services organization leaves you bereft of a sense of humour.
Talking to investors in Singapore in February, Citigroup CEO Chuck Prince was reiterating his stance on future acquisitions. As Prince has publicly explained, the bulk of the $50 billion pre-tax net income that he wants Citigroup to be making in five years' time will come from organic growth. There will be no repeat of the Citicorp/Travelers merger of 1998, which was truly a transforming event for both sides.
Any new acquisitions will be strictly fill-in deals. And anyway, in terms of market capitalization, there's not that much left that Citigroup could merge with.
Its stockholders' equity and trust preferred securities are worth $104 billion, according to its latest annual report. Not even Deutsche Bank, which press reports claimed was in Citigroup's sights in January, measures up to these criteria.
So what, these days, would constitute a transforming event for Citigroup?
"Merging with Canada," Prince told his audience with a wry smile. Point taken.