Citi CEO Vikram Pandit is ripping apart the company and surely firing even more yet the arrogant and incompetent CEO struggled at the end of 2008 with the question of whether or not he would pay himself a bonus. At least he's now at the center of rumors about job losses and with any luck, he won't be receiving a Charles Prince-like golden parachute.
Following a blockbuster brokerage deal with Morgan Stanley, Citigroup Inc. is set to unveil a sweeping plan to unload several businesses and reduce its size by one-third -- moves that essentially sound a death knell for its financial-services supermarket model, according to a published report.
Citigroup announced a brokerage joint venture with Morgan Stanley late Tuesday, in what could be the first part of a major reorganization of the struggling company.
Citigroup announced a brokerage joint venture with Morgan Stanley late Tuesday, in what could be the first part of a major reorganization of the struggling company.
Beyond the Morgan Stanley joint venture, Citi will soon announce measures to shed two consumer-finance units and its private-label credit-card business, and step back from proprietary trading, The Wall Street Journal reported Wednesday.
Citi plans to narrow its focus to just wholesale banking for large corporate clients and retail banking for customers in selected markets around the world, according to the newspaper, which cited unidentified people familiar with the matter.
