For a man who was
supposedly doomed to fail, Vikram Pandit has done a pretty good
job in transforming Citigroup. Few, if any, bank chief
executives have faced a tougher set of challenges over the past
two years or been the subject of as much criticism. He has come
through many battles, and has many more to come. But perhaps
its time to start giving Pandit some credit. Clive
"BEING A SUPERMARKET
is not a strategy."
That simple sentence sums up
everything that went wrong with Citigroup, and everything that
Vikram Pandit is trying to do to make Citi one of the
worlds best banks again.
Citi isnt back just yet, but its on its way.
First-quarter 2010 earnings, announced in mid-April, were some
of the most impressive in the industry. Citigroup produced net
income of $4.1 billion. Compare that with Bank of