Who is Vikram Pandit?

 Business, Diaspora, People  Comments Off on Who is Vikram Pandit?
Nov 042007
 

 Disgusting; U.S. Pisses Away $306b on Citigroup Update: Vikram Pandit named CEO of Citigroup on December 11. Click here for details.  Vikram Pandit is that rare Indian who has made it big within the stratospheric heights of the financial sector in New York. A Mumbai native, Vikram Pandit is CEO of Citigroup’s Institutional Clients Group comprising of Citi Markets & Banking and Citi Alternative Investments. There has been some speculation lately that Vikram Pandit could land the top job as CEO of Citi following Charles Prince’s recent departure amidst the bank’s disastrous exposure to sub-prime mortgages. But others question whether Vikram Pandit has […]

Ailing Citi to Take Another Big Write-down of $8b-$11b

 Business  Comments Off on Ailing Citi to Take Another Big Write-down of $8b-$11b
Nov 042007
 

Embattled financial services giant Citigroup is expected to take another mega write-down of $8 billion-$11 billion on top of the $5.9 billion write-down the bank took in early October, according to reports coming out of New York City. The huge write-down is necessary in view of the falling value of sub-prime mortgage securities held by Citi. On Sunday, Citi also set up an exclusive new unit to manage its disastrous exposure to sub-prime mortgage securities. Citi’s exposure to sub-prime mortgage securities is a humongous $55 billion. As expected, at Citi’s emergency board meeting today Charles Prince resigned. In a statement, Prince […]