Word: pandit
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...seem to be breaking. The company said on July 17 that it earned $3.4 billion in its second quarter. It was the second quarter in a row that Citi had announced a profit, after many critics said the company was done for. In a press release, Citigroup CEO Vikram Pandit triumphantly said, "Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing our plan...
...whether banks' plans are adequate, has been pushing for management changes at some of the banks. Last week, Bank of America was forced to replace its chief risk officer and four of its board members. Reportedly, the FDIC would like Citigroup to dump its chief executive Vikram Pandit. So far, members of the Citi board of directors have said they have no plans to replace Pandit. (Read "Has Wells Fargo Stock...
...shares have been "squeezed" more than once this year - forced to cover when the banks had good news. That covering magnified the rebound in Citi's share price. Citi is a "rumor a day" stock. Recently, the market has speculated about the fate of the bank's CEO, Vikram Pandit, whether the firm will have to raise money because of government stress tests, and whether the bank can maintain the earnings it posted for the first quarter. So far this year, the stock has traded in a range of $7.46 to $.97, a short seller's dream...
...first rationale for allowing executives like Lewis and Pandit to remain where they are is that the series of financial company CEO firings which took place less than two years ago was not effective. The results of the turnover were, by almost any measure, a failure. Chuck Prince at Citi was replaced by Pandit, who is considered a well-meaning dolt by most people. Stan O'Neal of Merrill Lynch was replaced by former NYSE CEO John Thain. Thain made the error on more than one occasion of saying the worst was behind Merrill only to end up selling...
...risk in replacing the current bank CEOs is that the new people coming in may or may not be better selections than the people whom they replace. In many quarters this is considered a sort of governance recidivism. But, that does not mean that the argument is entirely flawed. Pandit, Thain and Willumstad did not do any better than their predecessors. As a matter of fact, they probably did much worse. They were given the specific tasks of ferreting out problems in the companies which they were picked to operate and fix them. Each one expressed optimism about accomplishing their...