Word: pandit
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Financial giant Citigroup has recently stepped up its efforts to prove to the world that the bank is on the mend. In January, CEO Vikram Pandit said his firm had made enormous progress in 2009. And in February, Citi launched a blog to note that among other things, the bank's focus is "Our Clients. Period." But there is one area where the bank says it is no longer exceptional: it's no longer taking U.S. government handouts...
...Warren, a Harvard professor and longtime critic of the banking industry, heads the COP. Also testifying before the panel will be Herb Allison, who runs the Treasury Department's Troubled Asset Relief Program (TARP), the main vehicle the government has used to assist banks. Warren has said she wants Pandit to delineate how he plans to fully pay back taxpayers. A spokesperson for Warren says she has no plans to press Treasury on why Citi was allowed out of the government's most stringent pay restrictions...
...Wall Street money manager Jeremy Grantham recently wrote shareholders that he thought the Volcker rule would eliminate conflicts of interest at financial firms. Citigroup's current chief executive Vikram Pandit, too, has said he believes banks need to start curtailing their riskier activities. In November, speaking to business students at Washington University in St. Louis, Mo., Pandit said that unlike with other financial crises, proprietary trading played a much bigger role than underwriting in the recent credit crunch that nearly brought down his firm. "It makes sense to me that you don't take deposits as an institution and turn...
...also likely a black eye for Citi as it tries to convince the U.S. government that is wealthy and wise enough to pay back its government support. And unlike the mortgage mistakes, which can be blamed on past management, the rush to profits in Dubai happened under CEO Pandit...
...Obviously, this is not a positive for Pandit," says Michael Holland, a money manager and the former chairman of Salomon Brothers Asset Management, which was acquired by Citigroup. "Being big everywhere is the business model he has chosen. That means when there are losses anywhere you are going to get hit." Things were booming there back in 2008 when Citi sent Verme to the gulf state - from 2004 through 2008 Citi's revenues from the region grew at a 30% average annual rate. He had run the bank's Latin American operations before being promoted to co-head of investment...