Citigroup Management Shakeup

No they didn't fire Charles Prince but they did do a lot of other things. I think the reason why Citi has done so poorly compared to other money center banks is this:

Randy Barker, one of Citi's three heads of fixed income, will leave the
company, while Geoffrey Coley, another head of fixed income, will take other
responsibilities, Prince said. Paco Ybarra, also a head of fixed income, will
continue in his current role.

They had three different guys as the head of fixed income? How do they get anything done in that department? No wonder they had $5.9 billion in sub-prime backed writedowns in this last quarter. Maybe they all sat in the same office with three desks or something. In any case it must have been hard to do anything with any kind of speed if you needed three different guys to approve it.

Let's hope the next management move will be Charles Prince retiring or taking that golden parachute out of dodge. I'm no Prince Waleed bin Talal who is one of the largest Citigroup shareholders but I have owned Citigroup stock for years now and it would be great to see some real go-getter as CEO of that company.