How bad is the situation at Citi? So bad that outgoing chief executive Vikram Pandit has to reassure employees that despite expected giant losses, corporate restructuring, asset sales and a balance sheet with a blackhole that threatens to devour the universe…sorry, where we were. Oh, right. So bad that Old Vik has to remind employees that Citi is still a bank.
Heidi “I Gots The Memoz” Moore lets loose with Vik’s latest:
January 14, 2009
From: Vikram Pandit
Dear Citi Colleagues,
I want to make sure you know that we’ve moved up our Q4 2008 earnings announcement to this coming Friday, January 16. Since we are ready to release 4th quarter earnings and talk about 2009 and the future, we saw no need to wait.
As I told you yesterday in my video message, economics and psychology are both important in the markets. The economic model of our business is sound and positions the company for success over the long term. The clarity we provide as we report earnings should address the psychology of the market.
Until then, here are the things you should know:
* While we are embarked on a long-term transformation of Citi, our core mission is unchanged. Our goal is to streamline our operations, strengthen our balance sheet, position ourselves to take advantage of historic global growth opportunities, and deliver to clients all the benefits of our strength, insight, and unique global reach.
* We are and will remain a bank. We will continue to help clients save, borrow, invest, transact, and we will provide them advice.
* Our commitment to our clients remains unchanged. We will continue to deliver what our clients expect from us. That is our firm commitment. Please reiterate that to the customers and clients you speak with today.
We continue to be focused on creating value for our shareholders and debt holders and restoring profitability sooner rather than later.
Thank you for your dedication, focus, and hard work. I look forward to speaking with you on Friday.