What's the deal with Citigroup?
Buy/Sell/Hold? Any insight on their recent acquisition of Old Lane Partners and whether that will beef up their Alternative Investments Division which performed poorly 1Q '07? Does anyone see CEO, Charles Prince, getting the boot anytime soon? Finally, what does everyone think about selling off some of the divisions? I suggest separating the investment banking and corporate financial services from retail banking, lending, insurance and brokerage services because the ibanking sector is going to advance much faster than the retail sector. Any input is much appreciated.
They acquired old lane partners to get a hold of the gentleman that runs it, former MS guy. The problem at Citi is they do not have the strong executive team. They have shuffled so many people in and out over the last year.
The Citi strategy in Japan is pretty obvious; take control of Nikko Citi, check, get back into card services and build back private banking the collapse of which caused their commercial bank holdings to fall over a third.
Prince (Chuck) will not be canned by Prince (Saudi) etc...until the Asia, in particular Japan situation sees fruit or failure, IMO.
If Edward Lampert makes 20% of the return he made last time he shelled out $800 million Citigroup's a roaring buy.
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