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Vikram's Been Working Weekends Again

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Finance Professionals - September 2008
DirectConnect July 08
Citi CEO Vikram Pandit has clearly been working too hard. He sent a memo to his staff Sunday (detailed below) saying that he really believes 'we can make Citi the best company in the world'. Can working too hard make one delusional ?

Sent: Sunday, June 29, 2008 9:09 PM

To: All Citi Colleagues

Subject: Our Culture

As we approach the close of the second quarter I want to thank all of you for the remarkable efforts you've made helping our clients navigate our difficult markets. You should be very proud of how well you are competing to win client trust and business. Our business success record clearly shows this and, of course, these achievements only add to Citi's rich legacy of accomplishment -- a legacy that inspires us and challenges us to accomplish even more.

As I see it, we are all privileged to work for Citi. For 200 years, Citi has been the backbone of world commerce. Generations of clients have turned to us to help them succeed. As a result, we have an iconic brand recognized around the globe. Underneath all the financial challenges we face in these economic conditions, this is one of the world's greatest organizations with resources unique to our time. We have unparalleled businesses, talent, resources and brand. Today, you and I are the stewards of that brand. It is our responsibility not only to preserve and protect it, but to build on it. As part of the greatest turnaround story of our age, we have the opportunity to transform Citi into
something more than just the best financial institution in the world. We can make Citi the best company in the world, bar none. I believe this strongly, and I know from listening to many of you, that you believe it too.

You may have heard me say that to transform Citi and to excel we'll need to have the right Strategy, Structure, and Talent. We have these. Now it's time to address our fourth and most important element -- our Culture. Some say culture is not just the most important part; it is the only part that matters.

In the coming weeks I'm going to be discussing our culture with some of Citi's senior leaders. But I also want to hear from you. I'd like you to think about what aspects of Citi and our culture make you most proud -- our heritage, our people, the ways in which we help our clients succeed -- and then I want you to tell me your thoughts. Together we'll add our mark to Citi's storied history.

I look forward to hearing from you.

Source - Dealbreaker

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