Citi’s Pandit seeks to reassure employees about bank’s future

October 8th, 2009 WASHINGTON - An outside review of Citigroup Inc.'s management team has concluded that it is generally in good shape and awarded strong overall marks in particular to the banking giant's Indian American CEO Vikram Pandit, according to a media report. The review, conducted this summer for Citigroup's board by recruiting and consulting firm Egon Zehnder International, however suggested that some shuffling of senior executives might be needed, the Wall Street Journal reported Wednesday citing people familiar with the matter.

October 5th, 2009 Citi Wealth Management shifts to fee-based modelNEW YORK — Citigroup Inc. said Monday it is switching to a fee-based model in its retail investment business, eliminating commissions for its 600 in-house financial advisers by the end of next year.

July 10th, 2009 WASHINGTON - Citigroup has announced changes in several top management roles in the company in what the troubled bank's Indian American CEO Vikram Pandit described as moves that will "further help in positioning our company for the future". But Pandit, who has been the target of much criticism for his management of Citigroup, himself remains at the helm as the bank seeks to reshape itself and prepares for the US government to become its largest shareholder.

July 2nd, 2009 FDIC seeks more investor interest in failed banksWASHINGTON — The Federal Deposit Insurance Corp. proposed new guidelines Thursday for potential buyers of failed banks as the government seeks to sell a growing number of closed financial institutions.

June 16th, 2009 WASHINGTON - Vikram Pandit, the Indian-American chief executive of ailing banking giant Citigroup, has taken a swipe at recent efforts to prevent US banks that received government capital from hiring foreign workers, saying the new growth driver for US financial markets was Asia. "It's important that the most talented people in the world continue to believe that American companies are employers of choice," he said stressing the importance of globalisation at a conference of business, economic and government leaders in Detroit Monday.

April 29th, 2009 NEW YORK - At least six of the 19 largest US banks need more capital to remain healthy through the recession, according to leaked information from the two-month stress test carried out by the nation's bank regulators, media reports said Wednesday. The infusions could come from extra cash injections from the government, but more likely from converting preferred shares to common equity, Bloomberg reported, citing people close to the situation.

April 25th, 2009 WASHINGTON - The US Government is considering axing Citigroup's Indian American CEO Vikram Pandit, according to media reports. The government is also set to release the results of its stress tests analysing 19 financial firms.

April 16th, 2009 NEW DELHI - A man on his deathbed doesn't lie, they say. So a Lok Sabha aspirant from Uttar Pradesh came on a bier to file his nomination and make the point that he would keep his promises to voters.

April 2nd, 2009 LUCKNOW - A legislator of the Bahujan Samaj Party (BSP) has been booked for threatening people and a police officer during an election meeting in Uttar Pradesh, an official said Thursday. Guddu Pandit, a lawmaker from Dibai in Bulandshahr, has allegedly threatened people to vote in favour of his brother Mukesh Sharma, who is BSP's Lok Sabha candidate from the Baghpat constituency.

March 17th, 2009 WASHINGTON - Vikarm Pandit, the Indian American CEO of Citigroup, received a 2008 compensation valued at $10.8 million, the ailing bank that got billions of dollars in federal aid has disclosed. New York-based Citi disclosed in a regulatory filing Monday that Pandit, who said late last year he plans to take just $1 a year in salary until the bank returns to profitability, received $958,333 in salary last year, up from the $250,000 he received in 2007.

March 11th, 2009 WASHINGTON - Vikram Pandit, the Indian American chief executive of Citigroup Inc, Tuesday said the ailing banking giant was profitable during the first two months of the year and called its capital position 'strong' in remarks leading to a rise in the stock price. 'Our stock price is not an indication of our financial strength,' Pandit said in a memo to employees acknowledging concern about the price of Citigroup's shares that have been under constant pressure over the last week.

February 10th, 2009 WASHINGTON - Vikram Pandit, Indian American chief executive of CitiBank, and the heads of seven other major American banks will defend the use of hundreds of billions of dollars in bailout money to lawmakers on Capitol Hill Wednesday. 'American people are right to expect that we use funds responsibly, quickly and transparently to help American families, businesses and communities,' Pandit is expected to say before the House Financial Services committee, according to prepared remarks.

January 11th, 2009 AGRA - A man wanted for the murder of a youth leader of the Lok Janshakti Party (LJP) was Monday shot dead by the police here. Sanju Pandit was killed in a shootout when he was entering Agra.

January 4th, 2009 LUCKNOW - A man wanted in cases of murder, extortion and abduction was shot dead in a gunbattle with the police in Uttar Pradesh Monday, officials said. 'Sundar Pandit, who carried a reward of Rs.10,000 was shot dead in Muzaffarnagar district.

December 31st, 2008 WASHINGTON - Citigroup Inc.'s Indian American chief executive Vikram Pandit and chairman Win Bischoff would forego bonuses for 2008, the ailing banking giant announced as it formalised its bailout agreement with the US government. Bonuses for other top executives will be 'reduced substantially,' Pandit said in a memo to Citigroup employees Wednesday.