VIKRAM PANDIT: DON’T SLEEP IN THE CITI
Posted on December 14, 2007
Filed Under NEWS | 2 Comments
Vikram Pandit – the man who made it big. Is this how we should really introduce this man? NO
The speculation that Vikram Pandit could land the top job as CEO of Citi was laid to rest with Shriman Charles Prince’s departure following the bank’s poor performance in the sub-prime mortgages. Well I hope that he has the necessary acumen to run a financial behemoth that has 300,000 employees and operations in over 100 countries (as also my husband’s credit card with a huge credit limit which scares me no end at times). Vikram came to Citi in April 2007 when the bank acquired his multi-strategy hedge fund and private equity fund manager Old Lane for $800 million. Vikram left Morgan Stanley in March 2005 following differences with CEO Phil Purcell. A PhD in Finance from Columbia University in 1986, Vikram is pretty well read too with an MS degree and BS degree(all in finance which I really don’t understand). 
Vikram incidentally is not alone at Citi from India and he has for company, Ajay Banga, chairman and CEO of Global Consumer Group International and Deepak Sharma, CEO, Citi Global Wealth Management International, Vikram A Atal, chairman & CEO, Citi Cards, Global Consumer Group and Suneel Bakskhi, head global commercial bank, Citi Markets and Banking and Sanjay Nayar, CEO, India. So lot of desi crowd with you there at the top.
Still, I don’t think there is much in the story to tell. It’s basically how the world is really acknowledging the arrival of Sone ki chidiya and it’s owners. Vikram has had a pretty good rise but that is nearly akin to PepsiCo’s Indra Nooyi, Arcelor Laxmi Niwas Mittal, Reliance brothers Mukesh and Anil. I guess these couple of people are really lighting up the skies of the world in terms of making people back home feel proud. Another person who can easily drop into this category is definitely the liquor baron and Kingfisher chairman Vijay Mallya. Sometimes, it does feel good to see that advert in the TV where an over-traveled IT pro of Aditya Birla group says that India is the place where the world wants to be. So Vikram is one of those people who are getting the world closer home. I sincerely hope that you should read this write up as we do feel mighty proud of your achievements, Vikram (he incidentally shares the name with my bro-in-law and the technical brain behind www.indiantvtoday.com who is also a computer wizard and an author of books like Pro Java ME MMAPI)
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I am an NRI from the Dubai branch. Been banking with Citi for 31 years now.
Citi finally let me down when its services were needed most.
in 2008, I did not receive a financial statement for almost 8 months. When I did get the statement, my wealth management portfolio was down 50%.
An oversight I think not, bad managers most certainly, excluding small investors from moving capital to safer options, definitely.
I read Citi has made a profit, but I am still losing and will probably never recover my loss and the trust that reposed in Citi all these years.
Apart, from the obvious violation, which I have unsuccessfully tried to report, I also received a backlog of 2008 statements in March 2009, 9 1/2 months later. Should I accept these statements as authentic?.
My comment is all these impressive lists of names and positions, how about someone actually servicing customer needs. It is after all, our money which pay the bills and keep people in jobs. Think about it no money, no jobs, no spending = another recession around the corner
Please Mr. Vikram Pandit dont’t sleep on our account. Pun intended.
NRI from Dubai