With even the largest vessels now vulnerable to pirates, these are dangerous times for shipping. The same goes for financial supertankers such as Citigroup. Since taking the helm last December, succeeding the hapless Chuck Prince, Vikram Pandit has launched a series of measures to put the sprawling banking group back on course. But after four straight quarters of losses, there is no sign of profits on the horizon. Citi has been forced to deny newspaper reports of board disaffection.rnHence the decision to try something more radical: a plan to cut staff numbers by 52,000, which Mr Pandit euphemistically calls "rebalancing". The stockmarket, alas, blew an almighty raspberry in response. Citi's shares fell by a staggering 23% on November 19th, to a mere $6.40.
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