Vikram Pandit

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Battered Citigroup Plans Major Layoffs

Firm will cut 10% of its investment-banking group

(Newser) - After being in the red for two quarters, Citigroup will this week hand out pink slips in its investment-banking division, looking to sack 10% of the group’s 65,000 employees. The move, which would eliminate entire trading desks worldwide, is unusually severe, the Wall Street Journal says. CEO Vikram...

Citi Pulls Plug on Hedge Fund CEO Founded

Lackluster returns and management defections seal fate of Vikram's Old Lane

(Newser) - Citigroup will close Old Lane Partners, a hedge fund co-founded by CEO Vikram Pandit, after months of lackluster returns and the loss of its top managers, the Wall Street Journal reports. The investment bank bought the fund’s management group for $800 million less than a year ago; Citi will...

Citi Blocks Hedge Fund Withdrawals
Citi Blocks Hedge Fund Withdrawals
Feb 15, 2008 1:35 PM CST

Citi Blocks Hedge Fund Withdrawals

Move is latest black eye for bank's alternative investments

(Newser) - Still struggling with billions of dollars in subprime losses, Citigroup blocked nervous investors from bailing out of a hedge fund specializing in corporate debt, reports the Wall Street Journal. Investors tried to pull more than 30% of $500 million in assets from CSO Partners, which posted an 11% loss last...

Selloff May be Next Under New Citigroup CEO

Pandit's 'front-to-back review' will look for options to boost capital

(Newser) - Major restructuring and sales of businesses appear to be on the table for embattled Citigroup, Bloomberg reports, with new CEO Vikram Pandit today promising a "front-to-back review" of operations at the financial giant battered by the subprime crisis. Citigroup stock has fallen 40% this year; one analyst called it...

Struggling Citi Names Pandit CEO
Struggling
Citi Names
Pandit CEO
Dec 11, 2007 2:19 PM CST

Struggling Citi Names Pandit CEO

Megabank looks to former Morgan Stanley prez to lead recovery

(Newser) - Citigroup today named Vikram Pandit its new CEO. The current head of private-equity and hedge-fund investments will be charged with leading the bank's recovery from staggering losses in the subprime collapse and a 38% drop in its share price this year. The ex-Morgan Stanley president joined Citigroup in April; he...

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