Vikram Pandit, Citigroup’s chief executive, will on Monday attempt to rally Citi staff with a speech to employees aimed at restoring internal morale and allaying investors’ fears over the company’s strategy and share price. The announcement that he will hold a “town hall” meeting for Citi’s 350,000 staff follows a week of talk of a boardroom revolt, job cuts and rising doubts over Pandit’s ability to turn round the company. The concerns have been heightened by the underperformance of Citi’s shares, which ended last week below the psychologically important level of $10. At Friday’s close of $9.52, Citi’s market valuation was less than $51bn, some three-quarters lower than when Pandit took over in December. But in a memo to staff, he said Citi had “plentiful capital, abundant liquidity and our revenue is strong”. The memo, obtained by the FT, said Pandit on Monday would discuss the “accomplishments over the past 11 months”. Citi’s board also sent an email to employees on Friday, expressing confidence in the top management and denying reports that some directors wanted to replace Sir Win Bischoff, chairman, with Richard Parsons, the Time Warner chairman.
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