Wednesday, 31 August 2016
Last updated 12 hours ago
Feb 21 2014 | 10:52am ET
Former Citigroup CEO and hedge fund founder Vikram Pandit has started a consulting firm, offering help to banks in need.
The new firm, TGG, features Pandit, who founded and led hedge fund Old Lane Partners before joining Citi; Hamid Biglari, one of his former deputies at the bank; former Morgan Stanley banker Charles Stonehill; Steven Levitt, the University of Chicago professor behind the "Freakonomics" book series; and Nobel Prize-winner Daniel Kahneman.
TGG—which shares its initials with The Greatest Good, the Chicago consultancy led by Levitt and Kahneman—offers "a novel approach to address the challenges that large complex organizations face in compliance, fraud, corruption, and culture and reputation," Biglari wrote in an e-mail to Deutsche Bank executives obtained by The Wall Street Journal. "We think the results are transformative for companies looking to create a culture of performance and integrity."
Pandit does not shy from his experience at Citi, in spite of his unceremonious ouster from the bank. Biglari cited his and Pandit's "domaine expertise" at the bank. The two offered to meet the Deutsche executives in Frankfurt or London; it is unclear whether the meeting took place.
TGG is based in New York. According to the Journal, the planned partnership with The Greatest Good has not been finalized.
Pandit has explored a number business opportunities since his exit from Citi in 2012, including peer-to-peer lending and private equity.