Citi Bank’s New Policy
New measures for Citi Bank Inc. has been introduced by Michael Corbat, Citibank’s C.E.O. With his notion of “you can’t manage what you can’t measure,” his new tactics include the proposal for tracking performance among executives along with previewing the whole Citi Bank Corporation itself.
Many banking executives have the mindset of serving clients while seeking for incentive of making money for the company and for themselves. However, with the closely speculative plan, the company would track the executives’ performance more severely to ensure that their actions will not go against the company’s objectives.
Distancing himself from the previous ideologies of former C.E.O Vikram Pandit, who was forced out by the board in October, Mr. Corbat ensures that the company’s objective is to bring more accountability and discipline. His plan gained much support from Antony Jenkins, C.E.O of Barclays, who also adopted similar aspects of this strategy and applied to his company. After listening to Mr. Corbat’s philosophy, Mayor Michael Bloomberg also believed his objective.
Written by: Victor To