But merging will require tact, since Paribas's value resides far more in its investment bankers than in other assets.

ECONOMIST: Yes, but who won?

Logic would have it that Kingdom Holding's shares should have fallen as well, since so much of its value resides in its Citi stake.

FORBES: Tale of Two Citis

You, the old lion who invested in the old cow because that is where "real" value resides, shake your mane, suck in your gut and decide to hire a seasoned jackal to turn things around.

FORBES: Digital Rules