Vikram Pandit & Shitty oops Citi Shares

For some time now, we have believed that desi butcher Vikram Pandit is the wrong man for the top job at Citigroup.

Other than butchering tens of thousands of jobs at Citigroup and presiding over the departure of top executives like Sallie Krawcheck, Pandit has done little to boost morale or significantly improve the business prospects of the company.

Vikram Pandit

Look at Citigroup shares: They closed at $33.23 on the day of Vikram Pandit’s appointment as CEO on December 11, 2007.

Fast forward about 11 months later: On November 14, Citigroup shares closed at $9.52 (Source: Yahoo Finance).

Since Pandit’s appointment, Citigroup shares have fallen over 71% and the hedge fund that brought him to Citi has turned out a disaster.

That’s terrible news.

Apologists will of course try to explain away the shitty mess at Citigroup to the meltdown on Wall Street.

But let’s not forget that Pandit is a veteran of the same Wall Street that many people blame for America’s present sorry state.

Meanwhile, the Wall Street Journal is reporting that Pandit has called a town hall meeting Monday, November 17 to allay employee concerns over the share-price decline and possible layoffs.

Separately, Reuters has a story out that Citigroup will slash its workforce by 10%, meaning 35,000 jobs will go poof. This would be on top of the 23,000 jobs that have already been cut this year.

Way to go, Vikram.

Now, you know why we call you the desi butcher.

Even as you hog like a greedy pig at the trough, you are slaughtering tens of thousands of lambs oops Citigroup employees. 

One Response to "Vikram Pandit & Shitty oops Citi Shares"

  1. SRINIVAS   November 17, 2008 at 1:36 am

    Pandit is doing the right thing cutting down on Flab … its painful ..but necessary …

    Citi is better off without many of its non-performing assets ..hence emp working on those assets ..will have to go ..

    At this time should go to him for not leading Citi …just like Lehman Brothers or AIG .. it can still survive and grow on its own ..

    Time will tell whether this butcher comes up with a good dish or not .. Responds:

    You write above: Pandit is doing the right thing cutting down on Flab … its painful ..but necessary …

    Not when the CEO takes tens of millions of dollars in pay/stock.

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