Wednesday, 6 May 2015
Last updated 26 min ago
Apr 13 2007 | 1:14pm ET
Citigroup is laying of 17,000 employees to cut costs, but the world’s largest bank is sparing no expense to procure the services of one man.
Citi has reportedly struck a deal with Vikram Pandit, a former Morgan Stanley executive, that will make him head of the firm’s Citi Alternative Investments division, and a possible future successor to CEO Charles Prince. The price? As much as $800 million for Pandit’s 13-month-old hedge fund, Old Lane.
The agreement is expected to be announced before Citigroup’s annual meeting on Tuesday, The Wall Street Journal reports.
The final price for Old Lane, an India-focused hedge fund that has raised $5 billion during its short life, will depend on the fund’s performance, meaning Citi could be on the hook for more (or less) than $800 million. The Journal reports that the fund returned 6.9% in the 12 months through February.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…