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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: Vikram Pandit

Vikram Pandit stories: 18 news summaries

 Banks Get Stress Test Grades 

Pandit out at Citi?

Apr 24, 09 8:40 AM CDT
(Newser) - The nation's biggest banks will start to learn how they did on the dreaded stress test today, reports the New York Times. Though the public won’t learn the results until May 4, analysts are predicting that many of the 19 banks will have to raise large amounts... More »

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Citigroup • Federal Reserve • Treasury Department • financial sector • Vikram Pandit • banks • banking industry • TARP • stress tests

(Newser) - Citigroup posted its first profitable quarter in 18 months today, thanks in no small part to $45 billion in bailout funds and changes to accounting rules, Bloomberg reports. The company posted a $1.6 billion profit, up from a $5.1 billion loss last year. The company reported a loss... More »

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Citigroup • accounting • corporate earnings • Vikram Pandit • first quarter earnings

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

Mar 31, 09 8:12 AM CDT
(Newser) - After the Obama administration kicked out GM’s boss and said two of the Big Three automakers may benefit from bankruptcy, CEOs of banks bailed out by the government are wondering if there's a bull's-eye on their backs, the Washington Post reports. The risk of such a crackdown has been... More »

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CEO • bank • auto industry • Big Three • Rick Wagoner • Vikram Pandit • bailout • Obama administration • auto bailout • Ken Lewis

UPDATED

 US to Take 36% Stake in Citi 

Treasury will take up to 40% of bank in return for boardroom overhaul

Feb 27, 09 6:57 AM CST
(Newser) - Citigroup and the federal government have reached a deal to boost the US stake in the bank to up to 40%, the parties announced this morning. The deal gives shareholders more protection, but in return, agrees to a Treasury Department demand for an overhaul of the embattled bank's board of... More »

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Citigroup • nationalization • Treasury Department • Vikram Pandit • financial crisis • Wall Street bailout • recapitalization

Citi Struggles Under Fed Oversight, About to Get More

Tottering bank may give 40% of shares to Washington

Feb 25, 09 7:45 AM CST
(Newser) - Citigroup is in talks with Washington about a restructured deal that would see the US convert its 7.8% stake of preferred shares into up to 40% of common stock. The deal would provide Citi with desperately needed capital, but would place the bank under further control of the federal... More »

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Citigroup • Federal Reserve • nationalization • Vikram Pandit • Wall Street bailout • recapitalization

Bank Execs
to Congress:
We Are Lending

CEOs defend compensation,
call for new regulation

Feb 11, 09 9:35 AM CST
(Newser) - “We’re lending,” bank executives told Congress this morning, as CEOs including Jamie Dimon, Ken Lewis, and Vikram Pandit testified before the House Financial Services Committee. They also defended the outrage-inducing (but, they stressed, much reduced) bonuses they handed out, according to their prepared testimony. “Our employees... More »

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executive compensation • House Financial Services Committee • testimony • bonuses • Vikram Pandit • banking industry • Jamie Dimon • Ken Lewis

'Humbled' Bank CEOs Will Deny Blowing Bailout

Top bankers face
grilling today from
furious Congress

Feb 11, 09 2:12 AM CST
(Newser) - Bank bosses being grilled by Congress today will defend their use of bailout cash, according to prepared testimony obtained by Reuters. Chief executives from the eight biggest US banks arrive in Washington this morning—by public transportation instead of private jet this time—and are expected to strike a note... More »

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Congress • House Financial Services Committee • Vikram Pandit • Lloyd Blankfein • bailout • banks • Troubled Asset Relief Program • Wall Street bailout • TARP

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

Jan 26, 09 8:01 AM CST
(Newser) - The swanky Davos economic summit was once a top destination for financial and economic power players, but many are skipping the glitz this year for fear of sending the wrong message in a tanking economic climate, Reuters reports. Treasury secretary-designate Timothy Geithner is sitting out the resort event, as are... More »

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Citigroup • Bank of America • CEO • Switzerland • Merrill Lynch • John Thain • Vikram Pandit • World Economic Forum • Davos • Timothy Geithner • Lawrence Summers

(Newser) - Say goodbye to the Citigroup empire. When the company releases its earnings next week, it'll also unveil a drastic plan to slice away businesses until it’s roughly two-thirds of its current size, the Wall Street Journal reports, and looks much like Citicorp did before the merger that created... More »

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Citigroup • Morgan Stanley • Citibank • Vikram Pandit • Smith Barney

 Fed Push Likely 
 Behind Citi Breakup 

Citi's brokerage sale could signal regulators' plans for 'new order' in banking industry

Jan 13, 09 3:10 AM CST
(Newser) - The expected sale of Citigroup's brokerage business could be the first step in a government-instigated plan to cut the financial behemoth down to a manageable size, analysts tell Marketwatch. Citibank's CEO said only last month that the group had the right business mix, and many believe his sudden about-face is... More »

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Citigroup • banking • Vikram Pandit • Troubled Asset Relief Program • financial crisis • Wall Street bailout

Citi Denies Rumors CEO
Is on Chopping Block

Feds have criticized Pandit's strategy; company likely to see $6B quarterly loss

Jan 12, 09 8:48 AM CST
(Newser) - Even as it prepares a fourth-quarter report that’s expected to miss its target by billions, Citigroup says CEO Vikram Pandit’s job is safe, the Wall Street Journal reports. Pandit’s barely had the job a year, but rumors have flown he’d be a casualty of the company’... More »

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Citigroup • Richard Parsons • Vikram Pandit • financial crisis

 Frantic Citigroup
 Considers
 Sell-Off 

Merger or sale become options as bank scrambles to stop the drop

Nov 21, 08 4:20 AM CST
(Newser) - Citigroup is keeping all its options on the table as its share price plunges—including selling itself, insiders tell the Wall Street Journal.  The battered giant's share price plummeted another 26% yesterday—its worst one-day hit ever—chalking up an 83% dive for the year. Directors plan crisis talks... More »

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Citigroup • Goldman Sachs • mergers and acquisitions • Morgan Stanley • Citibank • Vikram Pandit • share price • financial crisis

Citi to Lay Off 10,000,
Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

Nov 14, 08 7:13 AM CST
(Newser) - Citigroup, seeking profitability after suffering net losses of $20 billion over the past year, is laying off at least 10,000 employees worldwide and raising rates on some credit card holders, the Wall Street Journal reports. Officials were told to trim employee compensation budgets by 25%, allowing managers to minimize... More »

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Citigroup • credit card • credit crisis • job cuts • Vikram Pandit • investment banks • credit card accounts • financial crisis

Battered Citigroup Plans
Major Layoffs

Firm will cut 10% of its investment-banking group

Jun 22, 08 7:53 PM CDT
(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... More »

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

 Citi Pulls Plug
 on Hedge Fund
 CEO Founded 

Lackluster returns and management defections seal fate of Vikram's Old Lane

Jun 12, 08 9:47 AM CDT
(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... More »

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

Citi Blocks Hedge Fund Withdrawals

Move is latest black eye for bank's alternative investments

Feb 15, 08 1:35 PM CST
(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... More »

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Citigroup • subprime mortgages • hedge fund • Vikram Pandit • CSO Partners

Selloff May be Next Under New Citigroup CEO

Pandit's 'front-to-back review' will look for options to boost capital

Dec 12, 07 11:54 AM CST
(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... More »

MORE ABOUT:
Citigroup • subprime mortgages • Vikram Pandit • Charles O. Prince

Struggling
Citi Names
Pandit CEO

Megabank looks to former Morgan Stanley prez to lead recovery

Dec 11, 07 2:19 PM CST
(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... More »

MORE ABOUT:
Citigroup • Morgan Stanley • Charles Prince • Robert Rubin • Vikram Pandit • Philip Purcell • Win Bischoff

18 Stories


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