Citigroup bids management committee farewell
According to the New York Times, Citigroup is disbanding its somewhat controversial management committee. It started as a good way to cross pollinate ideas across a far-flung empire. But it apparently took on a life of its own, becoming an important internal status symbol and including more than 100 people. The Times notes: "Most saw the meetings as nothing more than corporate cheerleading sessions--a waste of time and money at a semi-exotic locale." This is a sign of Vikram Pandit's intent to remake the company. The jury will be out for a while, but at least he's not sitting on his hands. Â
For more:
- here's the Times item
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Wow! Pandit takes major action already