Vikram Pundit: Please Transform Into Entreprenurial Mode

If Citigroup goes belly up, we are all into a really bad 2009.

So here’s what you, Vikram Pundit, CEO of City, need to do. It is what all Start-Up CEOs are doing these days, and you should do it too:

  1. Your salary is already at $1. Great.
  2. Cut the salary of anyone who reports directly to you by 50%, and no bonuses as well. Exclude your secretary.
  3. Cut the salary of anyone who reports directly to those who report directly to you by 40%, and no bonuses as well. Exclude their secretaries.
  4. Continue on until everyone’s salary is cut by at least 20% , and no bonuses. Do not touch the salary of any of the secretaries and adminitration people (including cleaning).
  5. Personally call your top 10 vendors in terms of cost and renegociate – lower them all by 40%. Start with lawyers, then PR/Marketing, etc.
  6. Have every other executive who retains services from vendors to do the same.
  7. Have someone cut all travel expenses by 50% – start by banning employees to travel to 5 star hotels.
  8. Sell all non-core business. fast.

Any employee who doesn’t like this plan can go search for other job. He or she won’t find one.

You have our money now, even if we chose to bank to with others, curtesy of the U.S. Governmnet. So act responsibly.

Thank you,

The Worried Tax Payer.

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5 responses to “Vikram Pundit: Please Transform Into Entreprenurial Mode

  1. This is the stupidest article I’ve ever read. Of course people will quit if he starts cutting salaries… especially at Senior Levels. Citigroup is essentially owned by the government now. It’s not long before it’s run like the US Post-office. The author of this article is just plain dumb.

  2. Kevin – you contradict yourself. You say that Citi is essentially owned by the government right now, so why don’t they start getting paid like federal employees? If the President is making $400K/year, nobody in Citi should make more than that until they are “public” company again, or profitable. Citi’s execs who make north of $4 million/year will not leave if someone will cut their pay to $2 million, simply because nobody else is hiring. The same goes for someone who is making $400K/year – agree to a pay cut or leave. Even if 20% of the people do end up leaving – great, Citi will turn into a much more efficient corporation.

  3. Just passing by.Btw, you website have great content!

    _________________________________
    Making Money $150 An Hour

  4. I love how the articles are all obviously written by someone who is not a native english speaker/writer, and then all the commenters use the same awkward grammer as the articles. I wonder if the author is writing all the comments too? hmm…?

  5. Phil, you got us. We wrote all the comments, including yours.

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