Vikram, change the bulb!
That’s basically the message to Citi from Mike Mayo, Credit Agricole’s financial sector analyst in his first note since meeting with management in October, 2010. Mike notes Citi’s “belated” but necessary strategy to “…spend US $3 to $4 billion extra for consumer banking over three years." His latest concern is not so much with strategy but with Citi's execution of its strategy. He points out that some of Citi's older, legacy branches are in need of such basic fixes as a new bulb.