Remember those happy noises Vikram Pandit was making last week about how Citi was in tip-top shape? He apparently hadn’t been told about the company’s fleeing clients and “complete death spiral.”
WSJ: By the end of the week, a small number of clients, including wealthy customers of Citigroup’s private bank, had started defecting. Executives and government officials worried about a potential exodus.
Confidence “began to shake,” said a person with direct knowledge of the situation. “It was a complete death spiral and we had to stop it.”
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