Vikram Pandit's Citi records $101 million profit on recovery roadOctober 15th, 2009 WASHINGTON - The Citigroup led by its Indian American chief executive Vikram Pandit has reported a slim profit of just $101 million in the third quarter, indicating its road to recovery may be a little longer. With credit problems, particularly within its consumer-related businesses, weighing down its third-quarter results and after taking into account the recent conversion of part of the government's preferred stake in the company into common stock, the New York-based bank Thursday reported a loss of 27 cents a share.
Pandit says Citigroup plans to exit Smith Barney venture with Morgan Stanley, repay TARPSeptember 16th, 2009 Citi plans to sell remaining Smith Barney stakeNEW YORK — Citigroup Inc. CEO Vikram Pandit confirmed Wednesday that the bank plans to eventually sell the remaining stake in its Smith Barney brokerage venture to Morgan Stanley, which owns the other half.
Pandit's Citi to keep expanding in India, ChinaJuly 28th, 2009 WASHINGTON - Citigroup Inc's Indian American chief executive Vikram Pandit says he hopes to continue expanding the bank's business in the two biggest engines of growth in Asia, China and India, despite tough local restrictions. The bank wouldn't retreat from fast-growing Asian businesses even as the financial crisis has forced it to shrink its balance sheet by about 25 percent, he told Wall Street Journal in an interview at Citigroup's Hong Kong headquarters Monday.
Vikram Pandit stays as Citi reshuffles top managementJuly 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.
Shirish Apte named Citi CEO for Asia-PacificJuly 7th, 2009 WASHINGTON - Citibank has named a three-person team to replace Ajay Banga, who held the title of Asia-Pacific CEO and left the firm June 19 to become president and CEO of MasterCard. Shirish Apte,56, and Stephen Bird, 42 have been made CEOs for Asia-Pacific, while Shengman Zhang has been named chairman of the firm in the region, effective immediately, Indian American Vikram Pandit led bank announced Monday.
New growth driver for US financial markets is Asia: Vikram PanditJune 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.
Pandit's Citi to raise $5.5 bn with stock conversionMay 8th, 2009 WASHINGTON - Ailing US banking giant Citigroup led by Indian American CEO Vikram Pandit plans to raise $5.5 billion by converting more preferred stock to common shares as prescribed by government stress tests. 'The government's stress test was a rigorous process that assessed our capital and confirms our view that Citi's plans and actions will give it the financial strength to weather an adverse stress scenario,' Pandit said in a statement Thursday.
US Govt. may axe Citigroup's Indian American CEO PanditApril 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.
Citi's Pandit made $10.8 mn in 2008March 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.
Citigroup shares rise as Pandit touts 'profit' in 2009March 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.
US government to control 36 percent of Citi; Pandit keeps his jobFebruary 28th, 2009 WASHINGTON - The US government Friday announced a deal with Citigroup that will give it control over as much as 36 percent of its common stock and replace a majority of its independent directors. But Indian American CEO Vikram Pandit and Chairman Richard Parsons will retain their positions at one of America's three largest bank holding companies.
Pandit to take $1 salary, no bonus until Citi turns cornerFebruary 11th, 2009 WASHINGTON - Stung by criticism about use of billions of dollars in government aid, Citigroup's Indian American CEO, Vikram Pandit has vowed to take a token salary of $1 and no bonus until the ailing banking giant returns to profitability
'I get the new reality and I will make sure Citi gets it as well,' Pandit said Wednesday as lawmakers grilled top executives from eight of America's largest financial institutions about their apparent lack of willingness to lend despite collectively receiving $165 billion in capital. 'We will hold ourselves accountable for what we do, and that starts with me,' said Pandit, who collected a salary of $1 million last year.
Pandit's Citi splitting into two after $8.3 billion lossJanuary 15th, 2009 WASHINGTON - Citigroup revealed plans to split up into two businesses, effectively bringing an end to the company's 'financial supermarket' model, after reporting a much bigger-than-expected $8.3 billion quarterly loss Friday. Under the new arrangement revealed by the banking giant's Indian American CEO Vikram Pandit in New York, Citigroup would split into two units: Citicorp and Citi Holdings.
Citi board keeps faith in Vikram PanditJanuary 12th, 2009 WASHINGTON - Citigroup's board isn't losing faith in its Indian-American Chief Executive Vikram Pandit even as it is expected to report fourth quarter losses that are billions of dollars greater than previously anticipated, according to media reports. 'We have confidence in the current management and leadership of Vikram,' the banking giant's lead independent director Richard Parsons, a former CEO of Time Warner Inc., was quoted as saying in an interview by the Wall Street Journal.
Pandit, top Citi bosses to forego 2008 bonusesDecember 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.
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