Don't mistake my comments for criticism. I agree with other opinions on the matter that this is the right move for Citi's new chief, Vikram Pandit. A good rule of thumb for any investor is to limit their focus to only a handful of securities; you really can't properly monitor more than that and adequate portfolio management is key to long-term success. I see Mr. Pandit's actions as no different. He's consolidating. Here's a good summary of their reasoning for the move form this article:
...Citigroup executives did point out several shortcomings at the bank that need to be fixed, including organizational redundancies, a fractured corporate culture and waning market share in U.S. retail banking. And the company introduced a new slogan as part of its revamping efforts: "Citi never sleeps."
It's funny that people are actually concerned about Citi's resulting loss of its top-spot as the nation's bank; who cares! I'm not a shareholder, but if I was I wouldn't care about its ranking nationally or otherwise; I care about the bottom line. I care about what management's decisions mean for its earnings and how that will affect equity value. Period.
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