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Word: pandits (lookup in dictionary) (lookup stats)
Dates: during 2000-2009
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...Monday, Citigroup said it had worked out a deal to repay $20 billion in government bailout money and terminate a loss-sharing agreement the bank had with the government for Citi's riskiest assets. Citi CEO Vickram Pandit said the moves were signs that his company was returning to financial health. The deal would also remove much of the government's pay restrictions on the bank. "These actions move us closer to ending a very difficult period for our company," wrote Pandit in an internal memo to Citi employees. (See 25 people to blame for the financial crisis...

Author: /time Magazine | Title: Citi's TARP Repayment: The Downside for a Troubled Bank | 12/15/2009 | See Source »

Perhaps Citi should have slept on Dubai. A year and a half ago, Citigroup became the first U.S. bank to relocate one of its rising stars, Alberto Verme, an investment banking executive, to the booming gulf state. At the time, Citi CEO Vikram Pandit said the move was a sign that the bank was "convinced of the region's long-term and immense growth opportunities...

Author: /time Magazine | Title: Citi's Dubai Mistake: A Sign of More Bad Things to Come? | 12/15/2009 | See Source »

...have been a much shorter growth opportunity than Pandit and Citi thought. A few months ago, Verme was reassigned to London (though he has been promoted to ceo of all Citi's business lines across Europe, the Middle East and Africa, and Citi stresses he is "one of its highest ranking executives globally"). Mohammed al-Shroogi, who headed Citi's United Arab Emirates operations, left in September. In late November, Dubai World, which is a for-profit development company controlled by the ruling family of the gulf state, indicated that it may have to default on a portion...

Author: /time Magazine | Title: Citi's Dubai Mistake: A Sign of More Bad Things to Come? | 12/15/2009 | See Source »

...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...

Author: /time Magazine | Title: Citi's Dubai Mistake: A Sign of More Bad Things to Come? | 12/15/2009 | See Source »

...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...

Author: /time Magazine | Title: Citi's Dubai Mistake: A Sign of More Bad Things to Come? | 12/15/2009 | See Source »

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