How to Address Your Shell-Shocked Troops, by Michael Corbat
Vikram Pandit’s chair may still have been spinning on Wednesday when the man chosen to replace him atop Citigroup, Michael Corbat, began a conference call with the bank’s managing directors. The abrupt CEO switch one day earlier had been followed by precious little information: short notes from the two men, a conference call with analysts, and a lot of conspicuous silence from the company’s board. Wednesday’s call was Corbat’s first effort to address the most important employees of what is perhaps the most beleaguered bank.
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