Granted, these are extraordinary times, so you can't really blame CEO Vikram Pandit for the stock swoon that has sent Citi shares to a 12-year low. And you have to feel bad that he didn't get much of a honeymoon. But you have to wonder how much time the board will give him. The public furor over the extent to which the board backed chairman Win Bischoff is a sign that directors may be getting restive.

The issue with Pandit seems to be the perception of change. So far, investors have not generally perceived a leader that can right the ship. The Financial Times notes that Pandit is leading a massive review of operating expenses and IT costs with an eye on savings. He's also bent on cleansing the balance sheet of more toxic assets. But this is exactly what you would expect. Where's the insight? That's what the investors want. And the fact is, Citi's main competitors, notably Bank of America, JPMorgan Chase and now Wells Fargo, have found ways to expand their footprint and gain market share. Which is impressive when you stop and think about it. Extraordinary times call for extraordinary leadership.

For more:
- here's the Financial Times article

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