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Tuesday, January 15, 2008

Prince's poison is Pandit's meat

And you thought Vikram Pandit, CEO of Citigroup is in the hot seat because of this. I say the man is in an enviable position of sorts. By taking over the mantle of Citigroup after the former CEO Chuck Prince quit over subprime excesses, he enjoys a free rein. He wields enormous power now and can do whatever he pleases to fix the mess; and if the outcome isn’t as expected, none would point a finger at him given the depth of the hole. He literally has a carte blanche – to write down billions of $$ of marked down assets, power to re-price risks, restate income sheets, declare massive layoffs, cut down dividends or what have you. On top of that, even a dollar in profit next year by the group could come to his credit. You know why, things can’t get any worse.

Outsourcing vendors in India should see opportunity here. There will be no backlash if Citigroup outsources even the basic functions to off-shore vendors like the SWITCH conclave or even to IBM, Accenture or EDS outfits in India – despite this being an election year in the US.

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