Pandit’s plan makes sense: now for the delivery
Vikram Pandit’s plan to put a spring back into Citigroup’s step contains a lot of good sense. Shorn of up to $500bn of non-core assets, Citi will refocus on high growth businesses and emerging markets and develop the world’s first “global universal bank”. But coming up with the strategy was the easy part. Delivering on his promises will be far tougher for Pandit.
Five months after succeeding Chuck Prince as chief executive of Citigroup, Vikram Pandit on Friday unveiled his plans to restructure Citi. He promised investors an 18%-20% return on equity in the medium term, as the bank recovers from the subprime crisis.
Citis first task to meet that target is
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