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.
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.
Pandit will be replaced by Michael Corbat, who previously served as Citigroup's CEO of Europe, Middle East and Africa.
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.
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.
Ex-Citi CEO to be non-executive chairman of the NBFC and its proposed bank
"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 has been taking home a token one dollar salary from Citigroup since 2009.
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.
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.
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.
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."
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.
Vikram Pandit has taken the helm at the troubled financial-services giant. He talks about the road back.
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
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.
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.
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.
They are small town boys who went on to make it big in global financial powerhouses.
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.
The US CEOs accompanying Obama discussed with their Indian counterparts, different issues relating to business environment and challenges in the two countries.
Citigroup's former chief executive officer, Vikram Pandit, might be joining the race to become a co-applicant for a banking licence in India.
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.
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".
The salary is however lower than Pandit's, whose base pay touched $1.75 million in 2011.
The vote came at Citi's annual shareholder meeting held in Dallas on Tuesday.
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.
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.
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.
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.
From a technocrat turned fraudster Ramalinga Raju's confession to the snub-nosed Nano, 2009 offered some forgettable and many memorable moments in business.
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
India Inc loves to applaud every time any businessman or executive of Indian origin makes it to the top in the developed world.
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.
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