Don't call it a conglomerate. Don't call it a financial supermarket. Vikram Pandit's Citigroup is a "global universal bank."

Redundant? Yes, according to Roget's Thesaurus. "International financial supermarket" could have worked, too, but clearly some management consultant was encouraged to avoid those terms in defining Citigroup's mission.

But the message is essentially the same. Pandit, who took the reins at the troubled bank in December, plans to stay largely on course with plans to grow the bank's diversified business lines and improve their integration on the back end. While some critics have encouraged him to consider breaking up Citigroup, Pandit made it clear at a meeting with investors and analysts today that he isn't taking that advice.

On the contrary, Pandit exuded optimism about the prospects for many of the bank's businesses, such as consumer banking, credit cards, and its established footprint in emerging markets.

But that's not to say that Pandit is merely maintaining the status quo. In order to regain its footing and begin building momentum, Citigroup needs to climb out of the hole it's fallen into during this credit crisis. The bank has written down more than $40 billion in losses, forcing it to raise about that much in new capital in recent months.

Pandit said the bank will shed $400 billion in what it calls "legacy assets" in its consumer-banking and securities businesses during the next two to three years.

In addition to unloading some of its $2 trillion in assets, Citigroup plans to reduce costs by streamlining its bloated infrastructure. "In a sense, the 1998 merger was never completed," said Pandit, referring to the combination of Citibank and Travelers. It will finally start to integrate the disparate technology and back-office operations of its global businesses.

Pandit said the goal is to grow revenues by 9 percent and produce a return on equity between 18 percent and 20 percent. But it could take several years to get there, a fact that investors clearly understood. Citigroup's shares slipped slightly during Pandit's remarks.   

Pandit, as Kit Roane reported last month, has won praise as he moved to stabilize the company and shore up its balance sheet since taking over in December. But his cautious, analytical nature still raised questions about whether he has the vision and force of personality to compel change at the lumbering behemoth.

Pandit's remarks suggest that he's well aware of his critics, as he attempted to clearly outline Citigroup's plan to restructure and return to growth.

As always, it's the execution on that plan that will ultimately be Pandit's legacy.