For those who are dissatisfied with Vikram Pandit's performance at Citi, a recent New York Times article would likely prove an insightful read. It makes clear exactly what Pandit is up against. That would be undoing the culture and poor decisions that led to $65 billion in losses. More than half of that stems from mortgage-related securities, the result of the trading team headed by Thomas Maheras. Maheras assured then CEO Charles Prince that no big losses were looming. But he proved to be disastrously wrong. The Times holds it up as example of what happens when sound risk management practices and standards take a back seat to personal relationships. Of course, lots of other banks are in the same boat. To a large degree the problem at Citi was cultural. So the question is: Can Pandit change the culture? There are many skeptics.

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