Vikram Pandit

Vikram Pandit

Citigroup Inc. named former Morgan Stanley President Vikram Pandit as chief executive officer to help the largest US bank recover from serious financial problems.

 
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(Reuters) - Citigroup Inc <C.N> recently rejected a proposal from Guy Hands' private equity firm Terra Firma Capital Partners to restructure the debt of music group EMI <LNDONE.UL>, the Wall Street Journal said on Monday. The buyout firm had offered to inject about 1 billion pounds ($1.67 billion) into EMI in exchange for Citigroup waving a similar proportion of its 2.6 billion pounds of EMI loans, the paper said, citing people familiar with the matter. Citigroup would have had to write off more debt than it was comfortable with, the paper said, citing one of the people. Citigroup and Terra Firma could not immediately ... Read Full Story
NEW YORK (Reuters) - Citigroup Inc <C.N> posted a quarterly loss to shareholders as it suffered $8 billion of credit losses, raising further questions about the future of the bank that is one-third owned by the U.S. government. Citigroup, which has posted more than $100 billion of writedowns and consumer credit losses since the credit crisis began, posted a third-quarter net loss to shareholders of $3.2 billion, or 27 cents a share, compared with a loss of $2.9 billion, or 61 cents a share, in the third quarter last year. Chief Executive Vikram Pandit has struggled to fix a bank formed through decades of ... Read Full Story
VIKRAM PANDIT ON THE RECORD Citigroup, which has been at the epicenter of the financial crisis, is one of the best-performing U.S. stocks since March. But CEO Vikram Pandit's fix-it job is far from complete. Citi's shares remain 90% off their high in 2006. Its books are still loaded with risky assets. And the economy faces headwinds. Pandit sat down to talk with BusinessWeek Editor-in-Chief Stephen J. Adler on Sept. 17 as part of the Captains of Industry series at the 92nd Street Y in Manhattan. Here are some excerpts of their conversation: STEVE ADLER What's it like to have the government owning 34% ... Read Full Story
From:   www.ap.org
Citigroup Inc. reports results for its third quarter on Thursday. The following is a summary of key developments and analyst opinion related to the period. OVERVIEW: Citigroup has been among the banks hardest hit by the credit crisis and recession. It has received $45 billion in loans from the U.S. government — a portion of which was converted to a 34 percent ownership stake — and guarantees to protect against losses on more than $300 billion in risky assets. The New York-based bank is also reportedly in talks with the U.S. government to reduce its stake in the bank. Citigroup, like other national banks, ... Read Full Story
From:   www.ap.org
An independent consulting firm has given Citigroup Inc.'s management team a good review, but the embattled bank could see more changes among its top ranks, The Wall Street Journal reported Wednesday. Requested by the U.S. government following its stress tests on banks earlier this year, the outside review by Egon Zehnder International found that Citigroup's CEO Vikram Pandit and his executive team are in overall good shape, the Journal said on its Web site. However, Vice Chairman Lewis Kaden and Chief Administrative Officer Don Callahan received less favorable marks, the report said, citing unnamed sources familiar with the matter. A Citigroup spokesman declined to ... Read Full Story
Citigroup Chief Executive Vikram Pandit announced preliminary third-quarter results of Citi’s foreclosure prevention activities in Missouri during a visit to St. Louis on Monday. Distressed mor...  
From story.malaysiasun.com ()
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(Reuters) - Citigroup Inc (C.N) recently rejected a proposal from Guy Hands’ private equity firm Terra Firma Capital Partners to restructure the debt of music group EMI, the Wall Street Journal said on Monday. The buyout firm had offered to inject about 1 billion pounds ($1.67 billion) into EMI in exchange for Citigroup waving a similar [...]’  
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BOSTON (MarketWatch) -- Shares of Citigroup Inc. and the broader financial sector traded higher early Monday following reports that highly respected hedge-fund manager Paulson & Co. bought 300 million Citi shares during the third quarter. Citi shares were up more than 4% at last check Monday while the Financial Select Sector SPDR Fund , an exchange-traded fund tracking financial stocks, rose about 1%. Market Pulse Stories are Rapid-fire...  
From marketwatch.com ()
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NEW YORK (AP) — Citigroup Inc. said Sunday that it is selling its controlling stake in Japan’s leading call center operator, Bellsystem24, to private equity firm Bain Capital Partners in a deal that values the operation at $1.1 billion. Security ...  
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As the previous post mentions, Citigroup CEO Vikram Pandit was in town yesterday to speak at Washington University. He also visited with employees of the CitiMortgage division in O'Fallon, Mo., and announced some updated results for the ...  
From blogsearch.google.com ()
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Bankers usually aren’t the ones making promises to pay the money back. But the CEO of Citigroup Inc. did just that in Kansas City this week. Citi owes the American taxpayer not only the $45 billion in federal aid it got but also “a debt of gratitude,” said Vikram Pandit, who was handed Citi’s top job at the start of this long, deep recession nearly two years ago.  
From kansascity.com ()
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Citigroup Inc.'s (NYSE:C) management indicated that it is comfortable with its valuation for an asset that is expected to be written down by an accounting expert. Citigroup has a roughly $38 billion deferred tax asset, which essentially represents expected cash flow from future tax benefits....  
From hispanicbusiness.com ()
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