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WEDNESDAY, NOVEMBER 25, 2009
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Struggling Citi Names Pandit CEO

Megabank looks to former Morgan Stanley prez to lead recovery

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(Newser) – Citigroup today named Vikram Pandit its new CEO. The current head of private-equity and hedge-fund investments will be charged with leading the bank's recovery from staggering losses in the subprime collapse and a 38% drop in its share price this year. The ex-Morgan Stanley president joined Citigroup in April; he replaces Charles Prince, forced out last month.

The son of an Indian businessman who came to the US at 16, Pandit worked at Morgan Stanley for 22 years before quitting in 2005 after a power struggle with then-CEO Philip Purcell, Bloomberg reports. In between banking positions, he founded a hedge fund, which Citigroup bought this year. Win Bischoff, who has been acting CEO, will become chairman, replacing Robert Rubin, who stepped into the role when Prince resigned.

Citigroup Inc. provided this undated photo of Sir Win Bischoff. The banking company named Bischoff, who has been Citi's acting CEO, as its chairman, replacing Robert E. Rubin, who had stepped into the role when former CEO and chairman Charles Prince was ousted last month. (AP Photo/Citigroup)
Citigroup Inc. provided this undated photo of Sir Win Bischoff. The banking company named Bischoff, who has been Citi's acting CEO, as its chairman, replacing Robert E. Rubin, who had stepped into the...   (Associated Press)
A Citibank sign is shown in New York in this Nov. 27, 2007 file photo. (AP Photo/Mark Lennihan, file)
A Citibank sign is shown in New York in this Nov. 27, 2007 file photo. (AP Photo/Mark Lennihan, file)   (Associated Press)
A Citibank office is shown on Tuesday, Nov. 27, 2007 in New York. (AP Photo/Mark Lennihan)
A Citibank office is shown on Tuesday, Nov. 27, 2007 in New York. (AP Photo/Mark Lennihan)   (Associated Press)
Former Citigroup Chairman and CEO Charles Prince speaks during an unveiling ceremony for the group's new logo at Citibank Korea head office in Seoul in this March 30, 2007 file photo. (AP Photo/Ahn Young-joon, File)
Former Citigroup Chairman and CEO Charles Prince speaks during an unveiling ceremony for the group's new logo at Citibank Korea head office in Seoul in this March 30, 2007 file photo. (AP Photo/Ahn Young-joon,...   (Associated Press)
Citigroup Inc. provided this photo Vikram Pandit. The banking company named Pandit, the head of its investment banking business, as its chief executive officer Tuesday, charging him with restoring the bank's profitability and reputation after missteps in lending and investing left Citi with billions of dollars in losses this year....
Citigroup Inc. provided this photo Vikram Pandit. The banking company named Pandit, the head of its investment banking business, as its chief executive officer Tuesday, charging him with restoring the...   (Associated Press)
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Citigroup • Morgan Stanley • Charles Prince • Robert Rubin • Vikram Pandit • Philip Purcell • Win Bischoff

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