Why Banga quit Citi
June 2009
|
|
"The new structure is designed to bring us closer together as a firm to serve clients without diluting the strength of any one business"
Ajay Banga, Citi |
THE FINANCIAL WORLD of March 2008 was very different to the one we now inhabit. One of the most over-leveraged of US investment banks, Bear Stearns, was being bundled up and sold for a song to JPMorgan; another, Lehman Brothers, was but months from unwitting bankruptcy. In the UK, "bailout" was still a dirty word, and "nationalization" had barely been used since the 1970s.
Yet at one global lender, then the biggest of them all, life was still being lived in the past. A year back Citi’s Asia-Pacific division, directed out of Hong Kong and Tokyo, still operated as a clunky, silo-driven structure that had changed little since the $140 billion merger of Citicorp and Travelers Group in 1998....
You must be a subscriber to access this archived content.
If your subscription includes access to the archive, please log in now to view.
To gain access to this content visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30% on your subscription.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
- 12 months access in print and online - on euromoney.com, read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 1996
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe
