Word: pandits
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Dates: during 2000-2009
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...demands for the head of Citigroup (C) CEO Vikram Pandit have not ended and may rise to a crescendo again if the bank receives poor "stress test" ratings from the federal government. The drumbeat of dissatisfaction about Ken Lewis, head of Bank of America (BAC), has gone on for months. Recently, proxy advisory RiskMetrics/ISS Governance Services recommended that the financial firm's shareholders vote Lewis...
...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...
...number of Citi businesses that seem to be doing well. Along with mergers and acquisitions, analysts point to Citi's foreign-currency trading divisions and its business of processing payments and moving money around the world as two other bright spots. Earlier this month, Citi CEO Vikram Pandit said his bank was profitable in the first two months of the year. "M&A alone is not a big enough businesses to swing the bank," says analyst Richard Bove, who follows bank stocks at Rochdale Securities. "But put them all together, along with the fact that Citi's business is positioned...
Ironically, what helped start the rally in mid March were upbeat words from Citigroup CEO Vikram Pandit about Citigroup's profitable performance during the first two months of 2009. Friday's stock market swoon, traders say, was partly triggered by cautious comments from Bank of America CEO Ken Lewis and JP Morgan Chase CEO Jamie Dimon, who both noted that March was proving to be a more difficult month than either January or February. As Dimon told Bloomberg TV while standing outside the White House after a group of bankers met with President Obama, "This downturn - it's pretty powerful...