Says the Economist.
VIKRAM PANDIT has just celebrated his 51st birthday, but this will not be the best week of his year. His first set of quarterly results as boss of Citigroup was one for the history books, for all the wrong reasons: a record net loss of $9.8 billion, driven by a whopping $18.1 billion in pre-tax write-downs and credit costs on exposure to subprime mortgages. This was more than even the most pessimistic analyst had forecast—although gossip had pointed to $20 billion or more. But that doesn’t bar the off-shoring vendors including the SWITCH from extracting their pound of flesh.
VIKRAM PANDIT has just celebrated his 51st birthday, but this will not be the best week of his year. His first set of quarterly results as boss of Citigroup was one for the history books, for all the wrong reasons: a record net loss of $9.8 billion, driven by a whopping $18.1 billion in pre-tax write-downs and credit costs on exposure to subprime mortgages. This was more than even the most pessimistic analyst had forecast—although gossip had pointed to $20 billion or more. But that doesn’t bar the off-shoring vendors including the SWITCH from extracting their pound of flesh.
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It’s their opportunity, stupid…
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