Citi Turmoil: Urged To Ditch Chairman, Parsons Potential Replacementb

Federal banking regulators are pressing Citigroup to shake up its board and replace its chairman, Winfried F. W. Bischoff, in an effort to restore confidence in the beleaguered financial giant.

Richard D. Parsons, the chairman of Time Warner and a Citigroup director, has emerged as the leading candidate to succeed Mr. Bischoff as Citigroup's chairman, people briefed on the situation said on Sunday night. While the timing was uncertain, the change could come as early as this week.

Regulators are growing increasingly concerned that Citigroup's board is struggling to regain investors' trust after the company was compelled to seek not one but two financial lifelines from Washington.

Read the whole story here.

Comments

[humblediplomat]

Globalization has run out of places to globalize and multination corporations have no where to grow without cannibalizing each other.

[SpeakSense]

Dick Parsons is the answer...yeah right because he did such a great job at AOL.

[4TJefferson]

CITI just cancelled my credit card for "lack of use." I called customer service to tell them that they never had my name corrected on the account (from months ago) and he did not even speak English (from Bombay) and told me the account would be closed anyway. I try to avoid using credit cards in general but this is silly. No wonder CITI is going down in flames.

[ObjectiveRealist]

quote:
Federal banking regulators are pressing Citigroup to shake up its board and replace its chairman, Winfried F. W. Bischoff, in an effort to restore *confidence*
/quote

You hear that word "confidence" from Hank The Crank Paulson a lot, too. It's just a big con game on Wall Street and I'm not buying until I can see where all my T.A.R.P. taxes go.

[dadw5boys]

If they don't make Mr. Pandit the CEO then Citi is doomed. Sell it and sell it short.

Mr. Pandit can turn Citi around if the other will get out of his way and let the man use his great knowledge.

[grateful4thedead]

smith barney is considered the crown jewel of citi, both by insiders and outsiders.

in effect, they are unloading it.

when YOU sell the asset that is most valuable to you, what does that tell you????

[dadw5boys]

Smith Barney did not prevent Citi from buying too many over valued mortages !

Citi can create a Smith Barney over night with the amount of talent currently unemployed around Wall Street !

Citi had better let Mr. Pandit take the helm and get everyone else out of his way.

Let Mr. Pandit use his great knowlede to turn Citi around.

[munki]

Citi has to overhaul its corporate culture!
For shareholde­rs/investo­rs/taxpaye­rs... not their own politics!
Suggest internal audits... accountability!

[littlebrowngirl]

This company needs to go under. They are too stupid to save themselves.

I had an auto loan with citi and requeasted a new loan because I wanted to purchase a new car. I got a denial letter from them saying they could not confirm my identify. HUH?

I have been making car payments to them for years and they can not confirm my identify? Good riddence.

[munki]

Easy to say than to be done... when an institution is a dominant one in global (not local! or domestic...) financial market...

Change leadership is one, but... need regulator monitoring of corporate governance?