Citi's new leader

A few weeks ago we posted about Citibank's lack of succession planning. Former CEO Chuck Prince just resigned and the financial service company didn't have anyone in line to replace him.

It took a few weeks, but they finally found somebody...

Vikram Pandit.

CNBC's Jim Cramer described the choice as the "least imaginative move imaginable". Any way you look at it, Vikram has a plain vanilla resume. Nothing out of the ordinary. He also has a reputation as a careful investor. Perhaps that's what Citi's board was looking for. After all risk management, or lack thereof, is what got them where they are.

But there's a lingering concern... It's an awkward personality for the quick and tough turnaround needed at the ailing bank.

We're talking about substantial cost-cutting initiatives in the pipeline, employee layoffs, restructuring and selling off divisions. It's going to take a lot of imagination and charisma to get Citi's employees to buy into a clear vision for the future and get them to bare some of the pain today.

Let's see how it plays out.