Monday, 24 October 2016
Last updated 2 days ago
Mar 17 2009 | 3:22am ET
Citigroup’s CEO and another top executive have each lost $20 million invested in the hedge fund they founded before joining the troubled bank.
Vikram Pandit and John Havens, who leads Citi’s institutional clients groups, have each received $20 million less than the amount they invested in Old Lane Partners, Financial News reports. Citi has since shut down Old Lane, which it bought for more than $800 million in July 2007, just a year after Pandit and Havens founded it following their departures from Morgan Stanley.
Pandit and Havens could yet cut or eliminate that loss through further payouts, according to Financial News. Pandit, at least, has already more than made up for the loss: His compensation package last year was valued at more than $38.2 million.