Moneycontrol.Com
Indian born Vikram Pandit has been appointed CEO of Citigroup. Pandit faces a complex challenge at Citi. The group could still face additional losses of billions of dollars related to troubled housing loans. Citi stock has been down about 40% this year alone. Pandit was earlier Senior Executive at Morgan Stanley. Pandit founded hedge fund Old Lane that was acquired by Citi in April. According to reports, Former Chairman of the Group, Robert Rubin lobbied for Pandit.
Pandit said, “I am extremely honoured on becoming Citi's leader and I am looking forward to driving changes that I believe we need in this organisation.”
He added, "This is one of the world’s great financial institutions. The brand, the franchise, the presence around the world, the capabilities it has are enormous and when you look at the future of the financial services business, and pair that off against the capabilities that this organization has the opportunities are tremendous. I think the future ahead of us is one of putting the two together and making something good happen out of it and I am excited about being a part of that."
Excerpts from the exclusive interview with Vikram Pandit:
More@ Vikram Pandit is new Citigroup CEO
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