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BusinessWeek reports that former Citigroup Inc. (NYSE: C) Chair Robert Rubin picked Vikram Pandit because Rubin thought Pandit could "drive the vision, drive the execution." I welcome a comment from anyone who can explain what that means. What comes to my mind is that Pandit is going to drive an execution squad behind him ready to gun down anyone who gets in his way.
I am not thrilled with Pandit's ascension and it looks like he is going to turn one of his weaknesses -- a lack of consumer banking expertise in a bank that gets half its income from that business -- into a strength. How so? Pandit looks poised to sell Citi's credit card business. I guess if Citi dumps all the consumer businesses, then he'll know something about the businesses that remain.
To increase the value of Citi's stock, I'd recommend three steps:
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