/9918578/Banner

/9918578/Banner_2

/9918578/Mid

section

articleId

product

orgType

parrefer

accountID

Consulting

Banking

Accounting

Fintech

Internships

Rankings

Internship Rankings

Intern Resource Center

Explore Internships

Vault Law Home

Practice Area Resource Centers

Regional Resource Centers

Summer Program Resource Center

Vault Law Culture & Inclusion Survey

Vault Law

Guides

Events

Financial Services

Technology

Grad School

Work Relationships

Productivity

Diversity, Equity & Inclusion

Social Impact

Remote Work

Negotiating

Changing Jobs

Workplace Issues

Blog

Resume Samples

Cover Letter Samples

Interview Tips & Questions

A Day in the Life

International

Career Readiness

Explore Professions

Research Industries

Search Companies

Career Advice

Employers

Schools

&lt;p&gt;It&#39;s been a year and half&amp;nbsp;since we last heard from ex-Citigroup CEO John Reed&amp;nbsp;on the subject of his former firm being a pile of short sticks. Yesterday, Reed&amp;nbsp;spoke in an interview&amp;nbsp;from his&amp;nbsp;Park Avenue office (that Citi&amp;nbsp;still pays for even though Reed left the bank a decade ago) to apologize for helping to create the seriously messed up firm that is now simply referred to as Citi.&lt;/p&gt;&lt;p&gt;Reed said, among other&amp;nbsp;things, that&amp;nbsp;he would now not vote in favor of repealing Glass Steagall, the act that once separated investment banks from commercial banks and that, once repealed, played more than a big part in why we are now looking at a 10-plus percent unemployment rate in the U.S.&lt;/p&gt;&lt;p&gt;Reed also said he&#39;s in favor of chopping down firms as big and sluggish as Citi and splitting them up into small pieces of kindling.&lt;/p&gt;&lt;p&gt;As for why he made so many bad calls when running Citigroup before handing it over to Sandy Weill, Reed says, &quot;When you&amp;#8217;re running a company, you do what you think is right for the stockholders. Right now I&amp;#8217;m looking at this as a citizen.&quot;&lt;/p&gt;&lt;p&gt;Meaning, what appears to be good for the bottom line for your firm may in fact turn out to be a terrible move and the demise of your firm as well as an entire economy.&lt;/p&gt;&lt;p&gt;Woops.&lt;/p&gt;

Derek Loosvelt

Article

Investment Banking Internships for Summer 2027 Are Open: How, When, and Where to Apply

MBA vs. CFA: Which Pays Off More for Banking and Finance Professionals?

How AI is Changing Careers in Banking and Finance

Where the Vault Fintech 100 Firms Are Headquartered

The Library

Sorry For Blowing It, Says Ex-Citi CEO

It's been a year and half since we last heard from ex-Citigroup CEO John Reed on the subject of his former firm being a pile of short sticks. Yesterday, Reed spoke in an interview from his Park Avenue office (that Citi still pays for even though Reed left the bank a decade ago) to apologize for helping to create the seriously messed up firm that is now simply referred to as Citi.Reed said, among other things, that he would now not vote in favor of repealing Glass Steagall, the act that once separated investment banks from commercial banks and that, once repealed, played more than a big part in why we are now looking at a 10-plus percent unemployment rate in the U.S.Reed also said he's in favor of chopping down firms as big and sluggish as Citi and splitting them up into small pieces of kindling.As for why he made so many bad calls when running Citigroup before handing it over to Sandy Weill, Reed says, "When you’re running a company, you do what you think is right for the stockholders.

Sorry For Blowing It, Says Ex-Citi CEO | Career Advice - Vault

Vault by Infobase

Sorry For Blowing It, Says Ex-Citi CEO

Employers

Schools

Vault Gold

Careers

Blog

Vault Law

Contact Us

Help Center