Citi (C) plans to hold a “town hall” meeting on Monday to rev up the troops. No doubt, Vikram Pandit plans to spend the weekend writing up a stirring “win one for the Gipper” type of speech. He also sent out a memo to employees, and let’s just say, we hope that Citi pulls through, since this looks like the type of document you don’t want to have on your record:
Dow Jones: In a memorandum to employees Friday afternoon, Pandit said he is “optimistic about the future” of Citi, and reassured that “capital is plentiful” and that the bank has “abundance of liquidity.”
“I want to talk with you about our accomplishments over the last eleven months and why despite the major challenges currently facing our industry and the economy I continue to be optimistic about the future,” Pandit said.
“Our revenue is strong and stable,” Pandit said in the memo, and reminded employees how much capital Citi raised through stock sales, business divestitures, and increased deposits.
“Let’s take firm hold of what we can control about Citi – the money we spend, the time we invest, the way we do business – and use them all to our advantage. By working smarter and more efficiently, we have the opportunity to build operating leverage and position us for sustained growth when the markets recover.”
Actually, we take back the part about a stirring speech. Most likely it will be filled with gauzy, meaningless lines like “we have the opportunity to build operating leverage and position us for sustained growth.” No doubt he’ll talk about bold steps, as well. Sounds like it could be a real morale killer.
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