Poor earnings boost pressure on Pandit

January 19, 2010 | By Jim Kim

The conventional wisdom seems to be that 2010 will be a make-or-break year for Citigroup (C) CEO Vikram Pandit. He can thank his buddy Saudi Prince Al-Walid bin Talal for making that case to the media. But it makes sense: He's had two years, and some people think it's time to show some better results.

This is how the New York Times puts it: Pandit "is facing a crucial year at the troubled giant. Mr. Pandit must staunch the losses in the bank's consumer businesses and shift the bank's strategy. He must mollify his top managers and discourage bankers and traders from fleeing. All the while, he must address the demands of a multitude of government overseers."

The bank's $7.6 billion loss in the fourth quarter does not help, though everyone understands the accounting issues related to the TARP repayment. Unfortunately, the bank's investment banking franchise cannot make up for the consumer losses.

For more:
- here's the article