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’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.
Citi never sleeps; nor does Pandit
There’s much commentary about on the shuttering this week of Citi’s troubled hedge Old Lane Partners – the ailing Morgan Stanley spin-off from whence sprang the Olympian Pandit fully formed.
Investors fled Old Lane in droves.
Citi to shut down Old Lane
Citigroup is to shut down Old Lane, the hedge fund founded by Vikram Pandit, its chief executive, in a move that will force Citi to take $9bn of assets onto its balance sheet. The decision to close Old Lane,
Citigroup’s Pandit vows cost cuts
Vikram Pandit, Citigroup’s chief executive, has vowed to slash the bank’s cost base by up to 20%, deepening fears that Wall Street and the City of London are about to be hit by tens of thousands of additional job losses.
Citi’s Pandit reshuffles executives
Vikram Pandit, Citigroup’s chief executive, has placed John Havens, a close ally, in charge of the bank’s investment banking and hedge funds business in a further attempt to stamp his authority on the company.
No bonus for Citi chief
Vikram Pandit, Citigroup’s chief executive, received a salary of $250,000 and no bonus for five months’ work last year, but his wealth was boosted by a $165m pay-out from the sale of Old Lane, his hedge fund,
Citi chief reassures on capital
Vikram Pandit, Citigroup’s chief executive, sought to reassure investors and employees on Wednesday that the the group is financially sound, amid concerns that mounting subprime-related losses could force it to raise more funds,
Citi confirms $18bn Q4 writedown; signs of consumer stress
Our financial results this quarter are clearly unacceptable. Our poor performance was driven primarily by two factors – significant write-downs and losses on our sub-prime direct exposures in fixed income markets,
Personality disorders and the chances of a divi cut at Citi
The market wasn’t impressed. Citi’s shares fell 5.6 per cent on the appointments of Vikram Pandit and Win Bischoff to head up the bank.
Seen as a plan B, the decision to split the roles of chairman and chief executive was a signal that Citi had failed to unearth a big-hitter to take on Chuck Prince’s mantle at the top of the world’s largest bank.
Citi slides as investors unimpressed
Citigroup’s shares closed down 5.3% in New York trading on Wednesday as investors digested the news that the struggling financial group had split the CEO and chairman roles and appointed Vikram Pandit and Sir Win Bischoff as chief executive and chairman,
Pandit, Bischoff, to head Citi
Vikram Pandit on Tuesday pledged to carry out “an objective and dispassionate” review of all Citigroup’s businesses after being named chief executive of the struggling financial group. Pandit, previously head of all Citi’s institutional businesses,
Lex on the new kings of the Citi
Splitting the top two positions at Citigroup between Vikram Pandit as CEO and Sir Win Bischoff as chairman was “not the radical shift in corporate governance it might appear”, says Lex. Instead it probably reflects the board’s failure to find a heavy-hitter from outside to fill both roles.
Citigroup to discuss decision on chief
Citigroup’s board will meet Monday to discuss potential successors to Chuck Prince as chief executive amid growing signs of support for Vikram Pandit, the recently appointed head of the financial group’s institutional businesses.
Pandit punditry
Who will lift the Citi poisoned chalice? Politicians from militarist regimes move out of favour – Hank Paulson and Shaukat Aziz, please step down from the podium.
Mr Vikram Pandit moves one step up the shortlist.
Deutsche Bank’s Ackermann turns down Citi job
Josef Ackermann, chief executive of Deutsche Bank, has rebuffed an approach from Citigroup about taking charge of the US bank, underlining the lack of high-profile external candidates for the job. Mr Ackermann was approached following the resignation of Chuck Prince,
The Citi western: Once upon a time in Pakistan…
Who wants to run Citigroup? The New York Post ran on Monday with a story putting US Treasury Secretary Hank Paulson in the running — a story quashed in Tuesday’s FT. Said Paulson:
Let me say I’m going to be running full speed here at the Treasury right up until the end of President Bush’s term,
Fanfare for Pandit’s return to Wall Street
When Vikram Pandit left the Wall Street limelight two years ago he did so quietly. On March 28 2005, after a conversation with Philip Purcell, chief executive of Morgan Stanley, Mr Pandit walked out without saying good-bye to staff after quitting as head of Morgan Stanley’s core institutional securities business.
Citigroup in talks on $600m Old Lane offer
Chuck Prince, Citigroup chief executive, is considering a strategic U-turn with a plan to spend $600m on Old Lane, a one-year-old hedge fund manager with about $4bn under management founded by Vikram Pandit,