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...Citi was supposed to be a company where it mattered that a wealthy private client in the U.S. was doing business with the same Citi that was trading euro futures in Dubai. This would not have worked even in a world where every manager could see the breadth of the entire company and executives were never territorial. And Citi did not have either of those advantages...
...Citigroup has begun to take itself apart. Its Smith Barney brokerage operation is being merged with a similar business at Morgan Stanley (MS). It is not clear how that is good for Citi, but its executives probably are taking as much care thinking through tearing down the company as they did building...
...Selling off the assets that Citi does not want may be tricky, especially in a market where credit is so tight that even attractive businesses can't be sold...
...Citi's stock traded for about $60 a share. It will never get back there again. Trading at $6 now, it may never get back to $10. Much of that drop is due to the market, furious at bad investment decisions that caused huge losses, which has diminished the value of bank stocks by over...
...Would being smaller and more focused have helped Citi over the past two years, or in the period just before that when it was piling up investments in mortgage-backed securities and LBO debt? Since all of its peers, even the smaller banks, did the same thing, probably...