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All right well joining us with more on Vikram Pandit ouster from Citigroup and what really happened lot of speculation I'm joined by Chris -- -- bank analyst and senior managing director with tangent capital partners like to see crossing the headlines secrets that.
Citi is announcing it will host an analyst conference call on the CEO change doesn't have a time -- date but.
OK let you've been calling for a change for years at Citi thing but surely this is -- most this orderly way they -- -- about it.
It is it's unseemly.
Who regardless of who made the decision and white.
You don't what the CEO of large bank holding company quit the day after earnings if he was gonna believe you should have told us yesterday.
And more importantly mr.
O'Neal the chairman of the board still apparently.
Has the data governance mess on his -- -- goes back to Bob Rubin and sandy Weill.
-- had two very strong leaders who didn't leave very well had a board of cronies around them and they don't have proper government structures in this bank even today.
Was this in the works for a time all based -- the way it was handled was it a rash decision what do you what do you think what has to be rash decision -- did they decide this last night.
Because if they knew he was gonna resign they should have told us yesterday during the analyst call.
It's very simple -- disclosure.
You have set the you don't think the board of management at Citi have a business under control yes why do you say that because that third quarter results from and -- pretty good.
While there were OK -- -- -- the cities of value destroyer remember we wrote off almost three billion dollars for Smith Barney yeah another extraordinary charge and -- for another few hundred million.
Every quarter there's something.
So that the real I think to me at the end of the -- you have to ask yourself.
Discern orderly governance process inside this bank where they're making choices in a prudent and deliberate way and when the CEO -- in this fashion.
It's not even gonna stay on the board for continuity sake for your -- but really raises questions remember -- at the end of the third quarter.
These people are supposed to sign off on the annual report in the -- the station to regulators and everything else.
And Sheila Bair said very well you're gonna have run later today yeah you know you you want to see new leadership -- wanted to see an operator.
That the head of Citi for rolls along taught we haven't had more than twelve years yet you would like a banker -- and we have that.
But the thing is remember -- a very political -- -- had mr.
Geithner all correcting this institution and preventing Sheila Bair and maybe even the people -- fed from demanding change.
Not just so much in the executives but at the board level.
Because if you don't have strong governments and the rest of it doesn't matter.
So where do we go from here the replacement Michael called -- he's been head of Africa Middle East European business.
But there are those who say he still is not well rounded enough in his background and experience electable compared to what the fact -- Of and we have a former hedge fund manager running this for the past few years like -- -- a refreshing change.
Fight fight -- Cameron -- through our wish him well I think he does have the background to run things and you know what he's done a deal guy is a banker.
And I think that's a wonderful change city is a huge international by US whereas -- lives of strive is that no.
How would you like to see the move forward.
Diversify perhaps a little bit.
Well I think coming in he has to cards he's gonna play -- just sold Smith Barney.
The government of travelers so there's not really any other significant business side -- gonna sell you have consumer and commercial lending -- capital markets.
They're very significant relationships in the Middle East and Asia.
I think that's where he's gonna have to bill I don't see them buying anything in the near term.
And if they could just run this business well and avoid surprises for awhile.
I think they can get investors to come back to us let's be fair the stock is twice as -- JPMorgan yeah let's look at debate.
It's has a very very low dividend because the stock was so diluted during the rescues -- draw right -- over a so it's hard for an investor who wants cash flow and wants low volatility.
To buy the story.
Interest thing the media like JPMorgan Brian I source right absolutely and certainly in the day like today investors wondering what the heck is going on behind the scenes -- Chris when thank you some.
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