Vikram S. Pandit
| Vikram S. Pandit | |
| |
| Occupation | Longtime Banking Industry Executive |
|---|---|
Vikram S. Pandit is a longtime banking industry executive.
He was most recently the chief executive officer of Citigroup. He took the position in December of 2007. In November of 2008, Pandit took radical action to cushion the blows of the financial turmoil and revive Citigroup's falling share price. In part, he announced plans to cut 52,000 jobs, or one in seven employees, and slash costs by about $10 billion. The moves were a dramatic escalation of Citi’s efforts to deal with a crisis that forced it to record a loss in each of the previous four quarters. The company’s poor performance and continued slide in its shares raised pressure on Pandit amid internal disagreements and a boardroom upset over Citi’s failure to buy U.S. regional lender Wachovia.[1]
In October of 2012, it was announced that Pandit would resign from his position at Citigroup as chief executive.[2]
“Given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup,” Pandit said in a statement. The move by Pandit came just one day after the firm reported stronger-than-expected third-quarter earnings. “I could not be leaving the company in better hands.”[3]
The Wall Street Journal reported that Pandit had stepped down from his position at Citigroup following a clash with the New York company's board over strategy and operating performance.
Upon his resignation, Pandit said in a memo to staffers that "by going back to the basics of banking to serve the real economy, putting clients at the center of everything we do, and embracing the principles of Responsible Finance, we have put Citi in a great position for continued success."[4]
From Dec. 11, 2007, the day Pandit was named CEO of Citigroup, to the week his departure was announced, Citigroup's stock tumbled a split-adjusted 89 percent.[5]
Background[edit]
Prior to joining Citi, Pandit was a founder and chairman of the members committee of Old Lane, LP, a multi-strategy hedge fund and private equity fund manager that was acquired by Citi in 2007. Pandit received $165 million for his low performing hedge fund which was purchased by Citi in 2007. Before that, he was president and chief operating officer of Morgan Stanley's institutional securities and investment banking business.[6]
Education[edit]
Pandit earned a PhD in Finance from Columbia University in 1986. He also received an MS degree in 1977 and a BS degree in electrical engineering in 1976 from Columbia.[7]
Other Affiliations[edit]
Pandit serves on the boards of Columbia University, Columbia Business School, the Indian School of Business, and Trinity School. He is a former board member of NASDAQ, the New York City Investment Fund, and the American India Foundation.
References[edit]
- ↑ Citi Cuts 52,000 More Jobs. Financial Times.
- ↑ Press Release. Citigroup.
- ↑ Pandit Steps Down as Citi’s Chief. DealBook.
- ↑ Vikram Pandit Resigns: His Memo to Staff. WSJ.com.
- ↑ Citigroup CEO Vikram Pandit Resigns. WSJ.com.
- ↑ Vikram Pandit Bottom Line: Over $260 Million For A 90% Stock Drop. Zero Hedge.
- ↑ Corporate Governance. Citi.