Vikram Pandit is almost back.
A NYT profile of the once-embattled Citigroup (C) chief executive paints him as a man who was formerly left for dead, but who has now just about completed the task of shedding assets, and restoring his bank to profitability.
But the real story is the sub-story, which is that Citigroup is not yet profitable in the Spring of 2010, long after the crisis ended, well after all other Wall Street firms showed profits, and even after the government announced plans to finally divest itself of its shares.
It really puts into perspective what a zombie Citigroup was, and what a mess the company’s retail banking operation was. After all, the pure Wall Street part of the bank is presumably doing fine again borrowing short and buying Treasuries, like everyone else does.
There also does not appear to be a coherent strategy for Citigroup’s North American consumer banking franchise, which has struggled for years. Even Mr. Pandit’s closest advisers say they do not know his plans.
But other than that!
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