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Bank analyst Meredith Whitney, the CEO of Whitney Advisory Group, weighed in on the Citigroup shake up today in a note to clients.Here’s Whitney’s take via the Wall Street Journal’s Stephen Grocer:
“Vikram Pandit has stepped down as CEO at Citi along with COO Havens. Pandit reportedly referred to himself at the new king at Citi after he replaced former CEO Charles Prince back in 2007. Now it seems, any seat in C’s court should come with a warning label.
“C is ‘the incredible shrinking bank,’ and the least interesting of the big four, in our opinion. No CEO will be able to change these facts in the near-term. It appears the board feels the same way, as they have appointed an unknown to the outside to the new CEO position, Mike Corbat.”
Whitney became known on The Street for a note she wrote in October 2007 about Citi’s problems prior to the onset of the financial crisis when she was an Oppenheimer analyst.