Citigroup Inc. named former Morgan Stanley President Vikram Pandit as chief executive officer to help the largest US bank recover from serious financial problems.
This story, dated November 26, 2008 was promoting the ouster of Vikram Pandit, CEO of Citigroup. It said, among other things, that calls for the head of Citi’s CEO are hitting a crescendo. This was November 2008. Things have only gotten worse and he still has his job. I don’t understand. I don’t whether Pandit will ultimately succeed or fail but change is needed. We might need to redefine what the word crescendo means. Read Full Story
Four new directors are up for election at Citigroup Inc. as the bank tries to evolve to weather the financial crisis. Citi is holding board elections and considering shareholder proposals at its annual meeting Tuesday in New York. The four director nominees are former U.S. Bancorp CEO Jerry Grundhofer; former Bank of Hawaii CEO Michael O'Neill, former Philadelphia Federal Reserve President Anthony Santomero; and William S. Thompson Jr., former CEO of bond investment manager Pimco. In opening... Read Full Story
Citigroup Inc . (NYSE: C, Stock Forum) released its results for the first quarter of 2009 Friday, including revenues of $24.8 billion, up 99% compared to the first quarter of 2008.
The company reported net income of $1.6 billion, but Citigroup's quarterly loss available to common shareholders was $966 million or a loss per share of 18 cents, compared to a loss of $5.19 billion, or $1.03 a share, a year earlier, says Reuters.
Citigroup says revenues were driven by strong results in the... Read Full Story
Feeling emboldened with the power over private businesses that the president now exercises he may now be ready to fire another CEO. This time Vikram Pandit, CEO of Citigroup, may be on the president’s chopping block. This is what happens once the government exercises a power that they were never supposed to have in the first place.
The president is now meddling in private businesses and deciding who should be hired and who should be fired. This is why the bailouts were so damned... Read Full Story
Apr
28
By Chuck
· 9:13 p.m. April 28 · Print This Post
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Citigroup is asking the U.S. Treasury for permission to pay employees bonuses in order to make up for their stock losses.
You know I can’t help but feel that these companies are living in a world completely disconnected from all rational reality. This ‘please, may we’ request comes just hours after the Wall Street Journal reported that Citigroup [Citibank] may be one of the banks that will need... Read Full Story
The U.S. government "quietly" agreed not to collect billions of dollars in potential taxes from Citigroup as part of its deal to allow the bank to repay its taxpayer bailout, The Washington Post reported. Read Full Story
Citigroup chief Vikram Pandit will try to convince investors that the financial services major is on a recovery path, following fresh concerns about his future in the company, a media report said. Read Full Story
As the government’s bank stress test results come closer to being released, rumors continue to fly that Citi’s CEO Vikram Pandit may be forced to become a sacrificial lamb. While not over impressed with the results he has had over his short stint as CEO, Pandit was never dealt a good hand from the beginning of his tenure. He has certainly made a serious effort to address the bank’s problems. Mark DeCambre wrote a story that appeared in today’s New York Post entitled CEO STRESSED OUT... Read Full Story
Dealbreaker early today, prior to Citi’s shareholder meeting, talked about speculation that Vikram Pandit, Citgroup’s CEO, could be forced out should the bank have to go back to the government trough for further funds. According to a story in the Financial Times referred to in the Dealbreaker piece, … senior officials at the FDIC have been talking Pandito replacements, in the event the bank needs more cash-money. Apparently successors include new CFO Ned Kelly, old CFO Gary Crittenden, and... Read Full Story
Washington, Apr 25 (ANI): The US Government is considering axing Citigroup’s Indian American CEO Vikram Pandit, according to media reports.
The government is also set to release the results of its stress tests analysing 19 financial firms.
Citigroup, which has received or been guaranteed 50 billion dollars in government aid through the Troubled Asset Relief Program, has been stirring up a lot of questions about its health.
According to The New York Post, citing sources... Read Full Story
