Before this financial meltdown, Citibank was viewed as the ultimate in the banking circle. Many people looked up to it in awe for its prowess, its might and its dexterity in capturing a big chunk of the financial market for itself. In boardrooms across the world praises were sung in admiration. Many envied its prominent position and were dying to emulate its abilities and expertise.
Malaysians were no different. It was not only the ordinary men and women here who were impressed, a few financial moguls in Malaysia were also dazzled and mesmerized by it too. They went in a big way to recruit Citibank’s personnel to replace the local people. These ‘golden boys’ had the ears and the trust of the dazzled bosses and they made huge structural changes in these banks. Asian values and philosophies were discarded in favor of the American strategies, methods, grand plans and design.
With Citibank taking a fall from the pedestal, we hope none of the local banks which adopted Citibank’s strategic approaches would suffer the same fate here in Malaysia. Many people around the world are pointing to greed for the near total collapse. They may be right. American business’ total devotion to ‘Quarterly Results’ may be the cause of all this. The emphasis on such quarterly results perverts sound business planning. Humane values and human relationship still count plenty in doing business.
The lesson here is the bigger the organisation/person the bigger the mistakes, the greater the fall!
Come visit again, thank you.