Pandit Passed Over As Citi Chief—For Now

Nov 5 2007 | 7:31am ET

Widely tipped this weekend to be handed the reins at the United States’ largest bank, former hedge fund chief Vikram Pandit will have to wait at least a little longer.

When Citigroup chairman and CEO Charles Prince resigned on Sunday, the bank’s board of directors named former Treasury Secretary Robert Rubin its new chairman, and picked former Schroders executive Winfried Bischoff to serve as interim CEO. Rubin said, soon after Prince’s offer to quit was accepted, that a search committee “will work as expeditiously as possible” to find his successor. Rubin, who has headed the bank’s executive committee since 1999, will reportedly step down when a new leadership structure is put into place.

When rumors of Prince’s planned resignation began to swirl on Friday, many expected the 50-year-old Pandit, an Indian native who has been at Citi for just eight months, to take his place. Pandit joined the bank earlier this year when Citi bought his Old Lane Partners hedge fund, naming him head of its alternatives group. Just last month, he was appointed chief of its newly-merged alternative investments and investment banking division.

According to the New York Post, “Pandit is seen internally as a savvy, hands-on manager who knows the ways of Wall Street.” One Citi insider told the tabloid, “Vikram can come in here, cut the fat and start getting the stock price up.” Others have reportedly described him as “tentative” and “reluctant,” according to The New York Times.

Still, Pandit—who was seen as a possible successor to former Morgan Stanley CEO Philip Purcell before leaving that firm in 2004 after a management shakeup—remains the top internal candidate to replace Prince. Other possible successors include New York Stock Exchange CEO John Thain.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR