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Thursday, June 21, 2018

New Citigroup Looks Too Much Like The Old One

Feb. 24 (Bloomberg) — Two years ago, Citigroup Inc. embarked on one of those feel-good corporate-image campaigns, aimed at showing a skeptical public that it could be trusted again. Citigroup was a “fundamentally different” company from what it had been during the financial crisis, it promised, a mantra its executives have repeated ever since.

“The new Citi has a clear strategy,” Chief Executive Officer Vikram Pandit said in a February 2010 video on the company’s website. “We’re going to stand for the financial- services company that practices responsible finance. Making sure we’re transparent. Making sure we’re honest.”