Citigroup chief Vikram Pandit is blogging! Well, not exactly. But he does make an appearance on "The New Citi Blog," a site the bank launched earlier this week to try and convince the public—and Washington—that Citi has totally changed since the financial crisis unfolded and is now totally focused on making the world a better place:
Part blog, part chat room, the "New.Citi.com" site (which was launched Monday and can be viewed here) is filled with video testimonial from the bank's executives and low level employees about how the troubled bank is turning a corner.
The videos are highly scripted, with crisp sound and image quality and musical interludes featuring piano music evocative of a trailer for The Shawshank Redemption.
Not to be missed is the mea culpa from Pandit himself:
There's even an apology from the bank's CEO Vikram Pandit. "When you look at Citi and what we've been through in the past year, it's clear we made some mistakes coming into this environment and we have to acknowledge that and take responsibility for what we didn't do correctly. It all starts by making sure you take responsibility for what you went into and take responsibility for how you are goin' to get Citi out of this.
Pandit doesn't go into detail about the mistakes, but he's says the bank has "gotten its house in order" with a new management team and a new governance structure and is working to create a new culture of "responsible finance."
New management team? Let's hope so!