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October 7, 2008 9:16:55 AM CDT

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Stories related to: Vikram Pandit

Stories

5 Stories

  • June 2008

    • Battered Citigroup Plans Major Layoffs

      Wall Street Journal  |  Jun 22, 08 7:53 PM CDT

      Battered Citigroup Plans Major Layoffs

      (Newser) - After being in the red for two quarters, Citigroup will this week hand out pink slips in its investment-banking division, looking to sack 10% of the group’s 65,000 employees. The move, which would eliminate entire trading desks worldwide, is unusually severe, the Wall Street Journal says. CEO Vikram Pandit hopes to cut Citi’s annual expenses by $15 billion. More »

      Tags

      Wall Street  • Citigroup  • mergers and acquisitions  • layoffs  • investment bank  • Vikram Pandit

    • Citi Pulls Plug on Hedge Fund CEO Founded

      Wall Street Journal  |  Jun 12, 08 9:47 AM CDT

      Citi Pulls Plug on Hedge Fund CEO Founded

      (Newser) - Citigroup will close Old Lane Partners, a hedge fund co-founded by CEO Vikram Pandit, after months of lackluster returns and the loss of its top managers, the Wall Street Journal reports. The investment bank bought the fund’s management group for $800 million less than a year ago; Citi will buy its remaining assets and take a writedown in the second quarter. More »

      Tags

      credit crisis  • Citigroup  • hedge fund  • writedowns  • Vikram Pandit

  • February 2008

    • Citi Blocks Hedge Fund Withdrawals

      Wall Street Journal  |  Feb 15, 08 1:35 PM CST

      Citi Blocks Hedge Fund Withdrawals

      (Newser) - Still struggling with billions of dollars in subprime losses, Citigroup blocked nervous investors from bailing out of a hedge fund specializing in corporate debt, reports the Wall Street Journal. Investors tried to pull more than 30% of $500 million in assets from CSO Partners, which posted an 11% loss last year and was re-funded with $100 million from Citigroup last month. More »

      Tags

      subprime mortgages  • Citigroup  • hedge fund  • Vikram Pandit

  • December 2007

    • Selloff May be Next Under New Citigroup CEO

      Bloomberg  |  Dec 12, 07 11:54 AM CST

      Selloff May be Next Under New Citigroup CEO

      (Newser) - Major restructuring and sales of businesses appear to be on the table for embattled Citigroup, Bloomberg reports, with new CEO Vikram Pandit today promising a "front-to-back review" of operations at the financial giant battered by the subprime crisis. Citigroup stock has fallen 40% this year; one analyst called it "the worst-capitalized bank of its peers by a long shot." More »

      Tags

      subprime mortgages  • Citigroup  • Vikram Pandit

    • Struggling Citi Names Pandit CEO

      Bloomberg  |  Dec 11, 07 2:19 PM CST

      Struggling Citi Names Pandit CEO

      (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. More »

      Tags

      Citigroup  • Morgan Stanley  • Charles Prince  • Robert Rubin  • Vikram Pandit

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