Swimming with the Razorfishes

Sunday, August 31, 2008

Citi

Citigroup said Monday that it is disbanding its executive committee, with its head — former Treasury secretary Robert E. Rubin — taking on the official title of senior counselor.

The firm said in a statement that the committee’s responsibilities would be given to the nomination and governance committee, currently led by Time Warner’s Richard D. Parsons.

So Citi is pushing deck chairs around as the ship fills with water. And they hand responsibility to the biggest cheerleader for the most disastrous merger in business history. [To be fair, this committee will likely never meet, so Citi employees are safe from Parsons' particular business skills]

It is going to be a long, hard autumn in finance.

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