Monday, March 9, 2009

Is Citi getting it?

The short answer is no. It did the right thing by cancelling the recognition trip it usually provides for its brokers because of "economic concerns." I guess I would be "concerned" too if my stock plummeted to a price of one dollar. Then, in a no-win boneheaded move, gave the brokers 3.5 million dollars worth of gift cards instead. In a double whammy, this move garnered Citi bad press for the money it wasted on the cards and also made the brokers upset. After all, everyone knows the way to a broker's heart is not with a gift card. It's so, what's the word I'm looking for here, impersonal. It's almost as if Citi didn't think about them and their needs as individuals.

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