Citi CEO Vikram Pandit is doing a 'State of the Nation' thing at a 'Town Hall' meeting with staff Monday (has he really cut that many that they can all fit in ONE Town Hall now! ?).
Here's the memo he sent to staff:
Sent: Friday, November 14, 2008 12:48 PM
Subject: Global Town Hall on Monday, November 17
'Dear Citi colleagues,
Please join me at a Town Hall meeting at 8 a.m. on Monday morning (complete Town Hall viewing locations below).
I want to talk with you about our accomplishments over the last eleven months and why despite the major challenges currently facing our industry and the economy I continue to be optimistic about the future.
Our capital is plentiful, we have abundant liquidity, and our revenue is strong. Moreover, we have great businesses in the most profitable markets run by the most talented people in the industry.
* We now have $75 billion in new capital and another $10 billion from divestitures.
* We've reduced our assets by 13 percent and our legacy assets by 35 percent.
* We have $24 billion in loan loss reserves up from $8 billion a year ago.
* We've doubled our cash position this year.
* We've grown our core deposit base by 19 percent to nearly $800 billion
* Our structural liquidity is on par or better than that of our industry peers.
* We've reduced our risk exposure and our marks have declined significantly.
* Our revenues are strong and stable. So far this year our core run rate is $95 billion. That's only $2 billion less than last year which was a record breaking year and a very different environment than today's.
Let's take firm hold of what we can control about Citi - the money we spend, the time we invest, the way we do business - and use them all to our advantage. By working smarter and more efficiently, we have the opportunity to build operating leverage and position us for sustained growth when the markets recover.
I'll discuss all this and more on Monday. If you have a question, please submit it in advance. I'll answer as many as time allows. Until then, thanks for your hard work and for your unshakable commitment to Citi.
The Town Hall will be held at 399 Park Avenue in New York City and broadcast live in North and South America and EMEA, in addition to the business television networks and a listen-only phone line. A recording of the Town Hall will be posted on the Broadcast Center by Tuesday, November 18'.
Source - Dealbreaker
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