Citigroup's chief executive Vikram Pandit has started writing blog posts on a newly launched website, a move termed as an effort to gather public support and rebuild the troubled firm's old image.
India-born chief executive officer of Citigroup, Vikram Pandit, was awarded Banker of the Year by Euronext magazine for having executed one of the biggest, and most complex, bank restructurings in history which saw the troubled institution returning to profits.
The management review, requested by federal regulators, gave Citigroup's senior executives good marks overall and took a satisfactory view of the leadership of Pandit, but took a harsher stance on some of Pandit's top deputies, The New York Times said citing persons with knowledge of the situation.
But Citi's woes might call for more visionary and charismatic leadership than he can offer.
"Vikram was destined to succeed. He has been a brilliant student throughout and also possesses a steely resolve. He is a go-getter. Instead of bowing under any problem, he would go all out to find a solution," Pandit told PTI.
Pandit will be replaced by Michael Corbat, who previously served as Citigroup's CEO of Europe, Middle East and Africa.
This week, Citigroup named as chief executive Vikram Pandit, a cerebral strategist with a degree in electrical engineering and one of the best minds in the business.
When Pandit was in Japan last week, meeting International Monetary Fund and World Bank officials, Michael E O'Neill, the new chairman of Citigroup since April, was applying the final touches of his masterplan to remove Pandit.
Pandit has been taking home a token one dollar salary from Citigroup since 2009.
Donning the role of a commander ill-equipped to save the Titanic of banking world, Citigroup's India-born chief Vikram Pandit has found a place among the 20 worst ever CEOs in the American history, but the top honours has gone to bankrupt Lehman Brothers' Dick Fuld.
The local police on Tuesday registered an FIR naming Indian-born global CEO of the bank Vikram Pandit and 10 other officials in the Rs 300-crore (Rs 3 billion) Citibank fraud case.
The New York Post has reported that the US, which is wrapping up stress tests on banks, may oust Vikram Pandit as Citi's CEO. Pandit's future at Citi has been hanging in the balance as the financial services major has already received three lifelines from the Federal government to stay afloat.
India-born Vikram Pandit received nearly $216 million for taking over as chief executive officer of the world's largest bank, Citigroup, a media report said on Friday. According to a report published in The New York Times, Pandit received about $165.2 million in connection with the sale of Old Lane Partners, a hedge fund co-founded by him.
Appearing before the US house financial services committee along with seven other top US CEOs of companies which received a bailout fund from the federal government, Citigroup CEO Vikram Pandit said, "My compensation for the year 2008 was my salary, which is $ 1 million. I received no bonus. And as I stated earlier, I plan to take a $ 1 a year in salary and no bonus until we return to profitability."
Vikram Pandit has taken the helm at the troubled financial-services giant. He talks about the road back.
Ex-Citi CEO to be non-executive chairman of the NBFC and its proposed bank
Citigroup chief executive Vikram Pandit will take home a salary of only $1 this year. He had in January said that he would accept only $1 as pay till the bank turned in profits. He will also not get any stock options this year, even as the beleaguered banking major labours under the burden of a government bailout.
In a media release, the financial services behemoth said that its board of directors has appointed Vikram Pandit as the company's new chief executive officer and member of the board of directors, effective immediately.
He quit after another executive was appointed co-presidents bypassing him.\n
In 1973, several major leading ladies like Mumtaz, Raakhee, Jaya Bhaduri, Dimple Kapadia, Tanuja, had married and retired from films. Producers wanted a new heroine as a replacement. Many thought Sulakshana was a Mumtaz lookalike and was soon persuaded to sign on multiple films as a leading lady.
Two corporate heads, Vikram Pandit and Mukesh Ambani, on Friday predicted great things about India's growth story. Particularly, the recent stress on inclusive growth.
Goldman Sach's chief Lloyd Blankfein had called up his Citigroup counterpart Vikram Pandit to discuss a merger but the proposal was rejected by the India-origin chief executive officer, The Financial Times has reported.
Citigroup chief Vikram Pandit will try to convince investors that the financial services major is on a recovery path, following fresh concerns about his future in the company, a media report said.
So far 14 Kashmiri Pandits have filed nominations to contest from the valley for the upcoming Jammu and Kashmir assembly elections, aiming to ensure the return and rehabilitation of their fellow community members, whose number run up to 3 lakh.
O'Neill told Pandit in an "abrupt encounter" at the end of the day on October 15 that "the board has lost confidence in you".
PepsiCo's Indra Nooyi, Motorola's Sanjay Kumar Jha and Citigroup's Vikram Pandit are the three Indian-Americans among US' highest paid CEOs listed by Wall Street Journal.
As per a regulatory filing by Citi, Pandit's pay package for 2011 included a salary of $1.67 million, a cash incentive of $5.33 million and stock options valued at $7.98 million, totalling to $14.98 million.
Citigroup's former chief executive officer, Vikram Pandit, might be joining the race to become a co-applicant for a banking licence in India.
Citi has already received fresh capital injection to the tune of $45 billion from the Federal government and officials way back in November reportedly had even discussed the option of replacing Pandit.
Vikram Pandit may thank the TINA (There Is No Alternative) factor for still being in job as Citigroup CEO, as the US government reportedly did not push for his ouster in its rescue package for the troubled bank partly because there was no "obvious" successor.
Citigroup's Indian origin CEO Vikram Pandit, who has been on a major restructuring drive, including thousands of layoffs, since taking charge late last year, has asked his colleagues to help transform the "best financial institution" into the world's top-most company.
Citigroup plans to launch a $200 million fund for small-business lending in low and moderate income communities.
Vikram Pandit pledged to simplify Citigroup's organisation and reshape its businesses according to "economic realities" after being named chief executive of the bank.
Citigroup Inc is closing a hedge fund co-founded by chief executive officer Vikram Pandit, 11 months after the bank bought the fund management company for more than $800 million.
The job of running crisis-ridden Citigroup is still with India-born Vikram Pandit, who revived the American behemoth's years-old tag line -- Citi Never Sleeps -- but had to seek help worth billions of dollars from the US government to keep the bank afloat.
The vote came at Citi's annual shareholder meeting held in Dallas on Tuesday.
Citigroup's Vikram Pandit may have been named among worst CEOs ever in America, but in terms of financial performance for the first quarter of this year, the banking behemoth has emerged as one of the best performers among the US companies run by persons of Indian origin.
Now that Phillip Purcell has been ousted from the top job at Morgan Stanley, the chances of "executives-in-exile," including Vikram Pandit
The Gurgaon police on Wednesday ruled out the possibility of questioning Citibank's global CEO Vikram Pandit and other top honchos in connection with the Rs 300 crore (Rs 3 billion) fraud at a bank branch in Gurgaon, near Delhi.
Members of a Kashmiri Pandits organisation, led by Sandeep Mawa, have been sitting on a fast-unto-death for the past four days in Srinagar pressing for their demand.
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