Chapter 8C: there is an exit playbook in Citibank. It is akin to joining the underworld. It is a one way ticket. You either die on the job. Or you leave to play golf – never to be heard of. You violate the playbook and god will need to help you survive.
But there is no problem with stage managed exits. Like Deepak Ghaisas resigned from iFlex when Oracle took it over only to come right back. If you read the book on Citibank India “If God were a Banker” you will realise there is nothing called ex-Citibank. It is a one way ticket to join the mafia. The target is clear – ambitious, intelligent, small town kids from lower middle class backgrounds … willing to toe the line.
In the 1980s, they had perfected peer pressure. The wives were extensively involved and brain washed into thinking that their husbands success in Citibank is all that mattered to them, their kids and their families. This was perpetuated by symbols of success like family vacations in Europe, free washing machines and better accommodation for higher performers. Performance was not so much about hard work … but about towing the line.
When the intrinsic nature of your business is illegal – there can’t be much legality involved. Trust and loyalty were non negotiable. But the problem is that when the employer himself is unethical and illegal – how do you get employees to behave ethically or morally. But like they say, the underworld too has a code of ethics. And spinning employees globally around the world is one such.
Aditya Puri and Paresh Sukhtankar were the A team of Citibank. They had been sent to take over India’s banking system. These were the two people who were the soldiers on the ground.
But their government had lost the elections in 2014 and a nationalist govt was for sale. Their largest client was scampering for money to fund elections and whatever else money is required for. Their lawyers were back to practicing law. Dreading what the new government would do to them. One knew it was a matter of time before he and his son would go to jail. Karma always catches up.
One of the strategic activities was taking over Axis Bank. It was not the Finance ministry appointing bank chiefs till 2014. It was the Parliament Street war room. Shikha Sharma was to retire. Chanda Kochar at ICICI was honest. This was the opposite. London accounts in the Havala bank had been filled to the brim. And it was convenient to leave and shift to London. Servesh Swarup had already been shifted to London. To keep him out of trouble.
To look after Kayastha clients – Servesh Swarup had been replaced by another Swarup from the liquor industry. Mathurs, Srivastava’s, Nigam’s, Swarups were important clients. They were pure liquidity. Not like the Marwaris who wanted loans. The same was true of Tam Brams. They were critical. L&T and Tatas were to be taken over by the Tamilian Mahasabha.
This was all a plan.
And then Paresh got caught.
The Citibank playbook had SOP.
Resign without any admission.
