Friday, July 26, 2019
Citizens bank Essay Example | Topics and Well Written Essays - 1250 words
Citizens bank - Essay Example The researcher states that the strategic problem that the Citizens bank is facing is followed by an important tactical problem: up to then, in 2004, the organization has used acquisitions as a tool for promoting growth. Acquisitions, as developed through the years, led, necessarily, to the radical transformation of organizational structure: in 1992 the employees of the organization were estimated to just 1,300 while in 2004 the firmââ¬â¢s staff reached the ââ¬Ë24,000 people across theà USAââ¬â¢. It was at this point that the tactic of the organization to proceed to acquisitions led to concerns. Larry Fish, the CEO of the firm identified the particular issue; it was clear that for the future the terms of acquisitions in which the organization would proceed should change. At the same time, Fish had to face another problem: Citizens Group was no more a bank of average size; it has become a major competitor in the US banking industry. Thus, the practices used up to then for se curing the firmââ¬â¢s image in the market should be reviewed. It has become clear that the firm was facing a tactical problem: the rate of acquisitions of other banks/ financial institutions have become so rapid that the organizationââ¬â¢s mission and values could be doubted, as of their feasibility. The firmââ¬â¢s CEO would have to resolve a series of issues related to the above practice. From 1992, up to the acquisition of Charter One, the organizationââ¬â¢s growth has been gradual.
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