Restructuring Citigroup: The Bank in Trouble
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Case Details:
Case Code : BSTR330
Case Length : 19 Pages
Period : 2000-2009
Pub Date : 2009
Teaching Note :Not Available
Organization : Citigroup
Industry : Banking & Financial Services
Countries : US
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts
Background Note
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Citi was formed by the merger of Citicorp and Travelers Group
in 1998. Citicorp's history dates back to the early years of 19th century. In
1812, City Bank of New York was set up with a capital of US$ 2 million...
Citi under Charles Prince
Prince's prime objective for Citi when he became its CEO was to keep it out of the headlines because of the several lawsuits it was facing. He gave priority to resolving the legal and regulatory issues that Citi faced. He also placed emphasis on improving Citi's relationship with the regulators world over to regain their confidence...
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Citi under Pandit's Leadership
On December 12, 2007, Pandit was appointed as the CEO of Citi while Bischoff became Chairman and Rubin, Chairman of the Executive Committee. The next day, Citi announced that it would take US$ 49 billion worth of assets from the SIVs it was sponsoring on to its own balance sheet...
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The Road Ahead
Even though Pandit undertook several changes including reorganizing Citi's business model, streamlining the processes and technology, cutting costs, selling off non-core business units, increasing Citi's equity capital, and cutting down his own salary to turn the bank profitable, he faced severe criticism...
Exhibits
Exhibit I: Citigroup's Stock Price Chart (1995-2009)
Exhibit II: A Note on Sub-Prime Crisis
Exhibit III: Background of Vikram Pandit |
Exhibit IV: Citigroup's Business Segments and Brands
Exhibit V: Key Financials of Citigroup (2005-08)
Exhibit VI: Citigroup's Breakup Plan
Exhibit VII: Stress Tests on US Commercial Banks
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