The Troops Are Revolting - Pressure On Firm Boss

Citi CEO Vikram Pandit and his executives are scheduled to undertake a four-hour presentation to investors and analysts today. It is hoped that Pandit will clearly articulate his strategy for the company, and disclose profit targets, cost-cutting plans, capital requirements and intended asset sales. But not everyone thinks that he will give much away - even today. And the troops are becoming restless.

The Wall Street Journal reports that some Citi management are becoming frustrated that it is taking Pandit so long to get Citi's show back on the road. He is seen as a thinker rather than a doer, but now needs to urgently reveal his vision for the future. But the newspaper says that some executives 'worry that the CEO's fixation on details is slowing decisions. Shortly after taking over, he convened a group of top investment bankers to consider ways to reorganise their businesses to reduce overlap. They spent a month brainstorming and came back with ideas'. But nothing happened. Pandit, it seems, is happy to explore the theory, but appears to find it difficult to decide and implement.

Marshall Front from Front Barnett Associates, however, thinks that we will need to be more patient with Pandit. He told Reuters: 'If people are expecting a grand design, they may be disappointed. I think he will give us a state of the union - where have we been, where are we now and where are we headed. We'll have a better idea of his stewardship in 6 months'.

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