Is Pandit losing Citigroup already?

The New York Times offers an intriguing account of an off-site meeting for 60 top Citigroup executives convened by Vikram Pandit. At a meeting center in Armonk, NY, the CEO presented his seven-point "Rules of the Road"--hoary stuff like "transparency" and "customer connectivity"--that he thinks will revive Citi. But the reaction was chilly. The rules may have come off like canned platitudes. "Instead of embarking on a bold new course, as some investors had hoped, Mr. Pandit seems to be turning to the playbook of his predecessor, Charles Prince," the Times notes. Ouch! Other quibbles are noted. Some top execs feel left out, and the board has warned Pandit that he needs to be forthcoming with directors. That insiders are going to the media about this does not bode well for Pandit. True, he has raised $40 billion in capital and cut 19,000 jobs. But that was expected. 

For more:
- here's the Times article

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