THE GM OF THE EAST
It's the thing to do (for a bank), since they cannot expand in the current environment, much, given their balance sheet.
Meanwhile, people are somehow surprised that Sandy Weill's ... er, vision exceeded his grasp? Naw, really?
"The problem with Citi is the model, the execution, the management," Smith said. "How do you go a decade without integrating?"
Could it be that non-integration suits some people's management style? Who knows, but the idea that there is a high growth or highly profitable, easily managed "sub-business" for Citibank is ... chimera.
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