One of India's greatest music legends, Pandit Jasraj leaves behind a storied legacy spanning almost eight decades.
The salary is however lower than Pandit's, whose base pay touched $1.75 million in 2011.
Sanjay Jha (left) of Motorola and Vikram Pandit (below) of Citigroup are among the three who have made it to the league of top 25 highest paid men in the world.
The US CEOs accompanying Obama discussed with their Indian counterparts, different issues relating to business environment and challenges in the two countries.
Awarded the Padma Vibhushan, the Padma Bhushan and the Padma Shri, Pandit Jasraj also popularised semi-classical music like 'haveli sangeet' and reached out to devotees with his 'bhajans', a particular favourite for his fans being "Om Namo Bhagavate" in praise of Lord Krishna.
The job cuts will begin this quarter and be completed 'over the next few quarters' across a range of businesses, Pandit said at a Goldman Sachs Financial Services conference in New York.
Subprime crisis-ridden Citigroup, global banking giant run by India-born Vikram Pandit, on Friday reported over $5 billion of loss for the first quarter of 2008 and said India contributed considerably to its increased credit costs internationally.
The surprise was Conde Nast Portfolio's topper for the world's best-ever CEO. It was Henry Ford, founder of Ford Motors. There is no doubt that Ford was a great entrepreneur and business visionary. But, with the hindsight of almost a century, it is worth questioning whether he was a good CEO. Ford could easily have won the accolade in his lifetime for revolutionising the personal transportation industry with the Model T.
The Board of Directors of Citigroup on Monday announced that Vikram Pandit has stepped down as the Company's Chief Executive Officer and as a member of the Board, effective immediately.
Citi CEO Vikram Pandit in an internal memo to the staff tried to allay fears over debt and its share price, which is hovering around $1. Pandit said in the memo that 'we were profitable through the first two months of 2009 and are having our best quarter-to-date performance since the third quarter of 2007.' He added that in January and February, the bank generated revenues of $19 billion before markdowns.
They are small town boys who went on to make it big in global financial powerhouses.
Jain, 48, currently the head of Deutsche Bank AG's investment banking division in London was named co-chief executive of Germany's largest lender.
From a technocrat turned fraudster Ramalinga Raju's confession to the snub-nosed Nano, 2009 offered some forgettable and many memorable moments in business.
Financial services provider Citigroup is under pressure from federal banking regulators for shuffling its board, including the replacement of its chairman, amid concerns whether chief executive Vikram Pandit will retain his job, a media report says.
Banking behemoth Citigroup has reported a loss of $7.6 billion for the three months ended December 2009, mainly on account of expenses related to repayment of bailout funds.
The US financial crisis and the resultant economic downturn pushed many a top honchos out of their corner rooms in 2009, but Citigroup's India-born chief Vikram Pandit continues to steer the once financial colossus out of its biggest ever crisis.
Citigroup on Monday said it will repay $20 billion bailout money to the US government, a move that will ease strict government regulations on the financial services provider.
India Inc loves to applaud every time any businessman or executive of Indian origin makes it to the top in the developed world.
India-born Vikram Pandit led world's biggest bank Citigroup is planning to overhaul its bonus system, aimed to increase co-operation and minimise in-fighting among disparate parts of the conglomerate, a media report said.
Don't dig into personal reserves, avoid personal and short-term loans.
Vikram Pandit-led Citigroup has came under fire from the US President Barack Obama and his administration for purchasing a $50 million jet plane.
In times like these, when the financial industry is reeling under the pressure of scepticism, communication has become the most important tool for financial services providers. Hence the flood of emails to associates, employees and investors.
Citibank has regained its top position after slipping to the second slot behind Bank of America in the previous rankings released in December 2007, compiled by global mobile and internet performance solutions provider Keynote Systems. Bank of America has slipped to the second position in the latest rankings released late last night and is followed by Wells Fargo and Chase at third and fourth ranks, respectively.
The Vikram Pandit-led Citi would expand its public exchange offer to raise the additional $5.5 billion capital, it said on Thursday. The move would help the entity to boost the capital without additional Federal funds or conversion of the government's securities into common shares.
Citigroup, apart from grappling with the write-offs and losses in its consumer banking business in the US, will also have to get its act right in other markets as well, particularly, India and Mexico.
Even the poster children of the current banking crisis, like Citibank's Vikram Pandit and Bank of America's Ken Lewis, may be able to grind their way through the recession like the Japanese banks did in the 1990s. But, as a consequence, Japan's economy lost a decade. The alternative -- and one the US consistently urged on the Japanese at the time -- is to bite the bullet, recognise bad assets and recapitalise.
Mobile phone maker Motorola's India-born chief Sanjay Jha has emerged America's top paid chief executive officer, while Citigroup's Vikram Pandit tops the league among bailed out banks, a survey said. Another Indian on the list is PepsiCo's Indra Nooyi at the 36th slot with a pay package of $13.98 million.
An influential Democrat senator has asked the government to stop Vikram Pandit-led Citigroup from buying a new corporate jet for $50 million, as the bank is dependant on American taxpayers' money and the plane is also being bought from a foreign firm.
PepsiCo's Chennai-born Indra Nooyi tops the list of Indian-origin CEOs in the US.
Days after Citi's global CEO Vikram Pandit said the group planned to reduce head-count by 52,000, there are reports that the financial major will lay off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
Financial giant Citigroup, led by India-born Vikram Pandit, is in for an aggressive round of layoffs, where it will start firing about 6,500 employees from its investment banking business from Monday, media reports said.
Mobile phone maker Motorola's India-born chief Sanjay Jha has emerged America's top paid CEO, while Citigroup's Vikram Pandit tops the league among bailed out banks, a survey said.
Industry greats like Ratan Tata, Lakshmi Mittal, Narayana Murthy and P R S Oberoi have been nominated for this years Padma Vibhushan.
Some of the world's top hedge funds have been granted direct entry into the Indian stock markets, nearly three months after the Securities and Exchange Board of India imposed curbs on foreign investments through the participatory note (P-note) route.
Buying one share of Citigroup will cost its CEO Vikram Pandit his full-year salary -- $1, which can also buy a soft drink at any neighbourhood McDonald's store.
Besides, the Vikram Pandit-led bank has hinted at further job cuts in the coming days, after already having cut down or announced plans to bring down its workforce to below 3,00,000 employees from more than 3,75,000 at the end of 2007. In an internal mail to all its employees in the US, Citi's human resources head Paul McKinnon said on Monday that it would eliminate some 'supplemental severance payment' for the employees with 10 or more years of service.
Those who are responsible for the present mess are in charge of the clean-up.
Replacing Pandit-- an enthusiastic defender of the company's existing mix of businesses -- is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
After Chandrayaan-3 touched down on the Moon, the Congress on Wednesday said it is a collective success of every Indian and ISRO's achievement reflects a saga of continuity and is truly fantastic.
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