Who killed Citi's hedge funds?
By Josh Friedlander
Mon Sep 29, 2008
A culture of chaos, incompetence and rivalrous fiefdoms is more to blame than any single individual.
team of Citigroup's Tribeca traders entered their office at 399
Park Avenue one Sunday night in the spring of 2005 to prepare
for the opening of the Asian markets, they could hardly have
been prepared for what awaited them. The traders powered up
their computers, began reading the latest market research and
picked up their phones to dial abroad. And then they discovered
that they couldn't. The calls wouldn't go through. Citigroup,
they later discovered, had applied a cost-cutting measure to
cancel international dialing for the group. Another time, the
traders found that Citi had outsourced their evening tech
support. "We called up and got a voice message telling us
someone would get back to us within 48 hours," says one
From left: Tanya Beder,
Dean Barr, Vikram Pandit, Sanford Weill, Michael
Such basic incompetence is a window into Citi's chaotic, and
ultimately failed, attempt to...
ISSN: 2151-1845 / CDC10004H
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