Here's a copy of a memo John Havens, Citigroup's head of institutional clients, recently sent to his management team. Haven's comments that this year 'we have accomplished much of what we intended to do' - what's that, John, erase profits, destroy shareholder value and get bailed out by the US government ?
'To: All Employees
From: John Havens
Cc: ICG Management Committee
Subject: Thank You
The end of each year is always a time for reflection and giving thanks. That sentiment is especially fitting as we finish such a historic year - one that has brought enormous change to the world economy, our industry and our firm.
We had a full agenda planned for this year, and thanks to you we have accomplished much of what we set out to do. We have redefined our client footprint and streamlined our organization to be more effective and provide a firm-wide, holistic focus on clients. We are tackling our cost structure and challenging the effectiveness of our spending through new metrics. We are investing in our products to ensure that we have a more balanced business model, and we are deploying capital and resources against the highest-return opportunities over both the short and long terms. We are recruiting talent and focusing on career management so the best people want to be here, always.
We all know the environment has been very difficult, and naturally it has distracted all of us. The mission we have set out on would not be easy in good times, and years of hard work remain ahead. Still, you have accomplished a huge amount both behind the scenes and in front of our clients and peers. While only one measure of success, the scores of industry awards and accolades we received this year speak volumes about your efforts.
I want to thank each of you for your perseverance, your early mornings, late nights and weekends sacrificed for our clients and our firm. It takes time, but we are fortifying a culture of owner operators. I see it when family and friends share in the burden and celebrate the victories. I see it in your esprit de corps, your determination and your sense of humor. You all rose to the challenge this year, and for that you should be as proud of yourselves and each other as I am of you.
In 2009, we will continue to execute on our plan. I will be in front of you early in the year to discuss the past year in detail and outline our goals for the year ahead. Until then, please know that I appreciate all that you have done. I am honored to work with you, and I am excited about our opportunities.
I wish you all a joyous holiday break, and a happy and healthy new year.
Source The New York Times DealBook
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