Outside the Box: Ex-CitiMortgage CEO: 3 things I learned from the 2008 Great Financial Crisis [MarketWatch]
Citigroup, Inc. (C)
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Source: MarketWatch
Opinion: Ex-CitiMortgage CEO: 3 things I learned from the 2008 Great Financial Crisis I remember it like it was yesterday. Ten years ago, the collapse of Lehman Brothers pulled the U.S. financial system, as well as the U.S. economy, into the abyss. I was still relatively new to my job, having become CEO of CitiMortgage in July 2008. But after three decades in financial services, including running services in Morgan Stanley’s Institutional Securities Group, I knew there were no good options, only less bad ones, regarding how to get through the crisis. As Tim Geithner, the former U.S. Treasury Secretary observed , “There was a plane going down, the arsonists were on the plane…and your first obligation is to figure out how to land that plane safely.” With the U.S. economy now flying again, it’s important to revisit the lessons of the crisis to avert another tailspin. Here’s what’s called for now: 1. Seasoned leadership: After Citigroup’s Pandit recruited me in part because I had worked
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