Vikram Pandit's first five months as CEO will come under the microscope Friday as he and other top executives lay out their vision for Citigroup in an eagerly anticipated presentation.
Since taking over in December from Charles Prince, who quit under pressure, Pandit has presided over nearly $15 billion of reported losses, much of the bank's efforts to raise more than $40 billion of capital and a 41 percent dividend cut.
Pandit has also faced repeated demands from investors that he slash costs, divest poorly performing businesses and perhaps even break up the largest U.S. bank.
Pandit, known for his caution, has promised details on how he will make it run better.
I don’t expect to see a fully formed plan yet, says Karen Finerman. I think Pandit is spending his time putting out fires. However I’d like to see him consider spinning off consumer banking.
You’re going to get a whole lot of nothing, exclaims Jeff Macke. They’re going to buy time. Don’t expect to see a decisive plan.
I expect the Street to be disappointed, adds Guy Adami. And I think Citigroup is a buy on any dip.
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Trader disclosure: On May 8, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami Owns (C), (GS), (INTC), (MSFT), (BTU), (AGU), (NUE); Najarian Owns (AAPL), (ENER), (TSO), (XLF), (BKC); Najarian Owns (AA) Calls, (EK) Calls, (MSFT) Calls, (BID) Calls, (YHOO) Calls, (C) Calls, Najarian Owns (BUD) Calls; Macke Owns (MSFT), (INTC), (ATVI); Finerman Owns (GS); Finerman's Firm And Finerman Owns (C) And (C) Leaps; Finerman's Firm And Finerman Own (HD), (KALU); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Owns SPX Index Puts; Finerman's Firm Owns (AEO), (MSFT), (NYX), (PLCE), (TSO), (VLO); Finerman's Firm Is Short (IYR), (MDY), (IWM), (SPY), (IJR)