Dick Parsons is telling Citi employees that they have nothing to worry about, the board isn’t tearing itself apart, and they’re doing just fine. Move along. Nothing to see here. Everything will go just fine if you just “keep the faith.”
To: Citi Employees
From: Citi Board of Directors
Sent: Thursday, November 13, 2008 9:33 PM
Subject: Message from the Citi Board of Directors
It is important for us to communicate with you directly in light of recent media coverage of our company. The news coverage about the Chairman of our Board, Sir Win, is irresponsible and completely inaccurate, and we want you to understand and appreciate our perspective on it.
The Board of Directors and management are operating as one team completely aligned on critical issues, opportunities, and the direction of the company. This is especially important given the extraordinary times in the market and the challenging economic environment we face.
We don’t need to review with you all the things that have been
accomplished in such a short period of time, but to highlight just a
* Nearly $50 billion in new capital raised prior to the additional $25
billion from the US Treasury.
* A reduction in legacy assets by more than $100 billion since the first
quarter in addition to divestiture of a number of businesses.
* The decline of expenses for three consecutive quarters.
* The establishment of a new risk organisation, with highly talented
professionals, and the reduction of risk overall.
* The reorganization of our businesses to serve our customers better and
to help make our people — our most important asset — as productive as
We are confident that the direction our management team has set is the
right direction — and the winning direction — for these extraordinary
times. Citi is well positioned for growth because of its unique global
universal bank model, and because it has the right talent, the right
management, and the right approach.
Considering the significant adversity presented by a sustained global
market downturn, all of your accomplishments have been nothing short of
extraordinary. You are leading by example and you have our full support
Keep the faith!
Richard D. Parsons
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