THE CHECK LIST
Reed is closely monitoring the progress of Citigroup's key businesses and management processes. He thinks asset management is doing well. But he's not satisfied with other areas.
DONE TO DO
x ASSET MANAGEMENT
It's full speed ahead at the smallest of
Citigroup's three main business lines.
''I'm quite comfortable that we have a
decent vision,'' Reed says. ''I'm not
spending any time worrying about that.''
x CORPORATE BANK
Reed is asking his executives questions:
Who are your customers? What are you doing
for them? What kind of capital does it
require? What kind of earnings volatility
are you going to experience? ''This is a
business-building activity,'' Reed says.
''I would say we are in the very early
x CONSUMER BANK
Reed and Weill discussed strategy before
doing the deal. And integration is further
along than on the corporate side. ''But
still, it's got to take on real form,''
x RISK MANAGEMENT
The most important process at the company,
Reed says. To combine ''very disparate
risk systems,'' Citi has brought in an
outsider, Petros K. Sabatacakis, most
recently of American International Group.
x HUMAN RESOURCES
Developing talent won't have much impact
on the merger's short-term success. But
it will in two to three years, says Reed.
''I don't think we want to rely on just
going out in the job market and hiring
people.... I put tremendous value--more
than most people--on the HR function.''
''The Internet is going to shape our
business,'' says Reed. ''I think we need
a technology overlay, to take a look at
the whole company from some core archi-
tectural and technology look-see. I'm
looking to create a process that allows
the company to be moving purposefully
toward an appropriate technology archi-
tecture, capability, and capacity.''
Reed says it's not enough to seize
opportunity in the 100 countries where
Citigroup does business. You also have
to be able to gauge your need for
capital, monitor exposures, and devise
funding strategies. ''Risk, HR, tech-
nology, and finance--we don't have them
fully integrated yet.''