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’Pandit’s big idea
FT Alphaville has intercepted a recent phone call between banks and their regulators!!!
Regulators: “We’re going to revise the capital adequacy framework and increase transparency in the reporting of risk on bank balance sheets.”
A risk management review of Citi, revealed
That’s an old Valentine’s day letter — sent on February 14, 2008 — from John Lyons at the Office of the Comptroller (OCC) to Citigroup CEO Vikram Pandit. We bring it up because it’s the subject of a new column by Bloomberg’s Jonathan Weil,
Citi sued by Norwegian central bank
Inevitable, really. Though we wouldn’t have expected the staid Norwegian central bank to be the first (?) to take up legal arms.
After the US Securities and Exchange Commission exposed Citi’s super senior subprime slip — in which the bank misled investors over its subprime exposure between July and October 2007 — now come the lawsuits.
A welcome plunge in rankings for Wall Street’s finest
There is one exclusive ranking in the financial world that Goldman Sachs’ chief executive Lloyd Blankfein and his high-earning counterparts at Citigroup and JPMorgan are very glad to be at the bottom end of — and that is the annual list of the best-paid finance industry CEOs.
The Citigroup chairman doth protest too much
Or is this damning Vikram Pandit with faint praise? Via Reuters on Monday:
RTRS-CITIGROUP INC <C.N> CHAIRMAN PARSONS SAYS PANDIT ‘HAS DONE A TREMENDOUS JOB’ AS CITI CEO – BLOOMBERG TV
CITIGROUP CHAIRMAN PARSONS SAYS PANDIT HAS SUPPORT OF THE BOARD – BLOOMBERG TV
And finally,
Dear Vikram Pandit…
Dear Vikram Pandit,
FT Alphaville was a little bemused by your testimony to the Congressional Oversight Panel on Thursday, in which you blamed your bank’s near collapse on the nefarious activities of short-sellers.
Parsing Pandit, or ‘I am sick of working for $1 per year’
Independent research firm Portales Partners on Wednesday issued the pithiest take we’ve seen on Vikram Pandit’s internal memo regarding Citi’s Tarp repayment.
We quote:
Interpretation of the Day: Deconstructing Vikram Pandit’s internal memo on Citigroup’s (C) TARP repayment…
Citigroup:
Battle of the Banamex
Here’s the latest development in the peculiar saga that is the ongoing tussle over Citi’s Mexican subsidiary, Banamex.
From the FT:
Mexico’s Supreme Court is this week set to probe a case that could potentially force Citigroup,
Pandit and the $100m man
It’s a perfect day for reports to emerge from Washington about the US administration’s plans to curb pay for bank employees – including traders and loan officers as well as executives.
It comes on the heels of Thursday’s stark admission by Citigroup CEO Vikram Pandit that,
Snap news
Breaking pre-market news on Friday,
- Rio Tinto announces joint venture with BHP Billiton, $15.2bn rights issue –statement, statement, statement, statement, statement, statement, statement, statement.
Dick Fuld, worst chief executive ever. Ever.
So declares the latest issue of Condé Nast’s Portfolio magazine, which features a list of “leaders who helped drive their companies into the ground”.
The list is compiled in consultation with a panel of “experts”
Pandit pledges to stay on at Citi
Vikram Pandit vowed to stay on as Citigroup’s chief executive and repay $45bn in government aid, as angry investors attacked the troubled bank’s current and previous management and directors at a heated annual shareholder meeting in New York.
Pandit faces fresh doubts at Citi
Vikram Pandit, Citigroup’s chief executive, will on Tuesday try to convince investors at the group’s annual meeting that Citi is on the road to recovery, even as it emerged that officials at the Federal Deposit Insurance Corporation have privately discussed replacing Pandit if Citi needed more government aid.
Citi sees strong start to 2009
Citigroup had its best profit performance in over a year in the first two months of 2009 and generated revenue of more than $19bn despite uncertainty over its future, chief executive Vikram Pandit said in a memo to Citi’s 300,000-plus global staff.
Pandit: ‘Our best quarter-to-date performance since the third quarter of 2007′
Strange, but true. Citigroup chief executive Vikram Pandit has dispatched a memo to staff saying that despite all the speculation over nationalisation, the bank has had its best profit performance in over a year during the first two months of 2009.
99¢itigroup
Quite a day for Vikram Pandit. The Citigroup chief cut his salary all the way back to $1 – and now his stock price falls even below that. Yes, C has broken the buck.
Bloomberg nicely sums up the story,
Me, myself and Meredith Whitney
Only last week superstar analyst Meredith Whitney – bankslayer, the anti-pandit, etc. – announced she would be leaving her present employer, Oppenheimer, and setting out on her own.
Welcome, then, Meredith Whitney Advisory Group.
Pandit: marked to market
And the result is…
Feb. 11 (Bloomberg) — Citigroup Inc. Chief Executive Officer Vikram Pandit said he will take a salary of $1 and no bonus until the bank, which has accepted $45 billion in government bailout money,
‘Banks well capitalised’
So says, err, Citigroup CEO Vikram Pandit.
From Deal Journal’s live-blog of Pandit’s investor day speech yesterday.
12:53: Regulators believe that banks are well-capitalized. Pandit dismissed TCE,
The path to profitability
Citigroup head Vikram Pandit’s reorganisation missive has arrived…
Dear Citi Colleagues,
By now you’ve had some time to learn more about our plan to reduce our balance sheet and simplify our organization.
A tough week for Vikki Pandit…
Looks like Vikram Pandit is in for a busy week, as the Citigroup CEO nears finalisation of the deal to spin off Citi’s Smith Barney brokerage unit into a joint venture controlled by Morgan Stanley, even as ugly noises on Capitol Hill annd elsewhere grow ever-uglier about Citi’s deal on mortgage payments – and what promises Citi may have made in order to gain its handsome capital injection.
Citi to Paulson: Application for xmas party
Read last week’s Pandit memo?
If you did, you just might have been curious to know the details of the new “approaches to executive compensation” that the US government has outlined “consistent with their objective as an investor in Citi”.
Whitney on Citi: a “speculative investment”
Meredith Whitney cut her teeth on Citi. For nearly a year now the analyst has had a strong bearish ‘sell’ slapped on the banking monolith. A rating which, when initiated, made Whitney’s name go household.
Citi’s $326bn bailout
Treasury and FDIC to guarantee $306bn of bad RMBS/ CMBS assets against losses.
Citi will take the first $29bn of losses on the guaranteed portfolio, and thereafter losses will be shared – 90% taken by the government and 10% taken by Citi.
Citi chief looks to rally the troops
Vikram Pandit, Citigroup’s chief executive, will on Monday attempt to rally Citi staff with a speech to employees aimed at restoring internal morale and allaying investors’ fears over the company’s strategy and share price.
Pandit purchases Citi shares
Vikram Pandit has bought shares in Citigroup for the first time since becoming chief executive 11 months ago in a move that should mute criticism by some shareholders, including former chief Sandy Weill,
Citi moves to end in-fighting
Citigroup is changing the way it pays top executives in its securities and investment banking unit to encourage greater co-operation and minimise the internal battles that have hampered its past performance.
Pandit defends Wachovia bid
Vikram Pandit, Citigroup’s chief executive, has defended his handling of the company’s bid for Wachovia, accusing the bank of reneging on a nearly done deal when Wells Fargo launched a counterbid to “steal” the lender.