netrashetty
Netra Shetty
Citigroup Inc. (branded Citi) (NYSE: C, TYO: 8710) is an American multinational financial services company based in New York City. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.[2]
Citigroup Inc. has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 260,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries. It is a primary dealer in US Treasury securities.[3]
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government.[4] Its largest shareholders include funds from the Middle East and Singapore.[5] On February 27, 2009, Citigroup announced that the United States government would take a 36% equity stake in the company by converting $25 billion in emergency aid into common shares; the stake was reduced to 27% after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history, surpassing Bank of America's $19 billion share sale one month prior.
Citigroup is one of the Big Four banks in the United States, along with Bank of America, JP Morgan Chase and Wells Fargo
A leader is likely to be challenged by a number of leadership transitions as they develop and grow their careers. These transitions may be from team member to team leader, from manager to divisional leader or from director to CEO. Other difficult leadership transitions can occur as leaders move between companies or even between industries. Research reported in Management-Issues, conducted across 18 industries and 11 countries by the Institute of Executive Development and Alexcel Group found that the
"ramp-up time for new external hires is worryingly long. Around a third of those questioned said that it takes between six and nine months while a further quarter of respondents said it takes more than nine months… Ramp–up time for those making transfers within the same organization was less, but not by a huge margin. The most commonly cited period was between three and six months, with a quarter saying it takes longer than six months…. Moreover, one in five (21 percent) of executives who make internal transfers fail to meet expectations in first two years."
Given these findings and the risks associated with leadership transitions, it’s of critical importance for leaders, to learn how to transition effectively between different leadership roles. Some great advice on making an effective transitions is provided by Dan Ciampa and Michael Watkins in their post discussing the transition of Vikram Pandit, to become the new CEO of Citigroup and provide the following guidelines to help leaders make manage their leadership transitions.
Identify the critical alliances. "To transform their organizations, new CEOs must gain the support of powerful internal and external constituencies. Influential players must perceive it to be in their interest to help realize your goals. You must therefore begin to identify them and at least begin to gain their support during the transition."
Get the right top team in place — fast. "Like most new CEOs, you will inherit a group of senior executives. Some will have the knowledge, skills, and background needed to drive the business forward. Others will not….. The decision to remove a senior-level manager is among the most serious and complicated that any leader makes. But among the most common regrets CEOs have is not replacing senior-level people once it becomes clear they are not the right fit for the situation and for the CEO’s style or vision."
Secure early wins. "To create momentum, you must secure some early wins. …. This means marshalling resources to focus on issues that meet three criteria: (1) they yield tangible financial benefit, (2) they address issues that employees understand to be important, and (3) results can achieved early in the new leader’s tenure. New CEOs secure early wins by identifying substantial problems that can be tackled in a reasonable period of time and whose solutions result in tangible operational and financial (not just behavioral/attitudinal) improvements in performance."
Lay the groundwork for effective communications. "New CEOs prepare for derailment when they fail to get their messages about priorities across, to convey the values that they hold as important, or to clearly define expectations. As a result they create vacuums of understanding and emotional connection that undermine their effectiveness. ….. Everyone is parsing your actions and words closely and critically, hunting for signals of direction, purpose, motives, and, especially, for the answer to “who is this person?” Leaders lay the seeds of their own destruction when they fail to gain control of the communication processes of the company. As a result, do not effectively get their messages across to the people whom they most want to influence; nor do they shape the mood or morale of the organization."
Shape your vision. "…. What we mean by vision is a vivid mental image that depicts your view of the desired future state of the organization in an inspiring way. It is not a statement of mission, a set of objectives, or a list of values. It is a picture of what will be seen, heard, and felt when the organization fulfills that mission, and achieves those objects….. If it’s not inspiring, for the leader and for key people in the organization, then it’s not a vision."
Build and use a balanced advice network. "…Finally, and perhaps most important, you have to build and use the right kind of advice and counsel network. No leader is an island. …. So its essential that you find ways to accelerate learning about markets, products, technologies, organizational capabilities, team, politics and culture. Identifying and leveraging the best advisors — internally and externally — is the most effective way to do this."
Citigroup Inc. has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 260,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries. It is a primary dealer in US Treasury securities.[3]
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government.[4] Its largest shareholders include funds from the Middle East and Singapore.[5] On February 27, 2009, Citigroup announced that the United States government would take a 36% equity stake in the company by converting $25 billion in emergency aid into common shares; the stake was reduced to 27% after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history, surpassing Bank of America's $19 billion share sale one month prior.
Citigroup is one of the Big Four banks in the United States, along with Bank of America, JP Morgan Chase and Wells Fargo
A leader is likely to be challenged by a number of leadership transitions as they develop and grow their careers. These transitions may be from team member to team leader, from manager to divisional leader or from director to CEO. Other difficult leadership transitions can occur as leaders move between companies or even between industries. Research reported in Management-Issues, conducted across 18 industries and 11 countries by the Institute of Executive Development and Alexcel Group found that the
"ramp-up time for new external hires is worryingly long. Around a third of those questioned said that it takes between six and nine months while a further quarter of respondents said it takes more than nine months… Ramp–up time for those making transfers within the same organization was less, but not by a huge margin. The most commonly cited period was between three and six months, with a quarter saying it takes longer than six months…. Moreover, one in five (21 percent) of executives who make internal transfers fail to meet expectations in first two years."
Given these findings and the risks associated with leadership transitions, it’s of critical importance for leaders, to learn how to transition effectively between different leadership roles. Some great advice on making an effective transitions is provided by Dan Ciampa and Michael Watkins in their post discussing the transition of Vikram Pandit, to become the new CEO of Citigroup and provide the following guidelines to help leaders make manage their leadership transitions.
Identify the critical alliances. "To transform their organizations, new CEOs must gain the support of powerful internal and external constituencies. Influential players must perceive it to be in their interest to help realize your goals. You must therefore begin to identify them and at least begin to gain their support during the transition."
Get the right top team in place — fast. "Like most new CEOs, you will inherit a group of senior executives. Some will have the knowledge, skills, and background needed to drive the business forward. Others will not….. The decision to remove a senior-level manager is among the most serious and complicated that any leader makes. But among the most common regrets CEOs have is not replacing senior-level people once it becomes clear they are not the right fit for the situation and for the CEO’s style or vision."
Secure early wins. "To create momentum, you must secure some early wins. …. This means marshalling resources to focus on issues that meet three criteria: (1) they yield tangible financial benefit, (2) they address issues that employees understand to be important, and (3) results can achieved early in the new leader’s tenure. New CEOs secure early wins by identifying substantial problems that can be tackled in a reasonable period of time and whose solutions result in tangible operational and financial (not just behavioral/attitudinal) improvements in performance."
Lay the groundwork for effective communications. "New CEOs prepare for derailment when they fail to get their messages about priorities across, to convey the values that they hold as important, or to clearly define expectations. As a result they create vacuums of understanding and emotional connection that undermine their effectiveness. ….. Everyone is parsing your actions and words closely and critically, hunting for signals of direction, purpose, motives, and, especially, for the answer to “who is this person?” Leaders lay the seeds of their own destruction when they fail to gain control of the communication processes of the company. As a result, do not effectively get their messages across to the people whom they most want to influence; nor do they shape the mood or morale of the organization."
Shape your vision. "…. What we mean by vision is a vivid mental image that depicts your view of the desired future state of the organization in an inspiring way. It is not a statement of mission, a set of objectives, or a list of values. It is a picture of what will be seen, heard, and felt when the organization fulfills that mission, and achieves those objects….. If it’s not inspiring, for the leader and for key people in the organization, then it’s not a vision."
Build and use a balanced advice network. "…Finally, and perhaps most important, you have to build and use the right kind of advice and counsel network. No leader is an island. …. So its essential that you find ways to accelerate learning about markets, products, technologies, organizational capabilities, team, politics and culture. Identifying and leveraging the best advisors — internally and externally — is the most effective way to do this."