Click to play videoNew Delhi: It was a proud moment for Indians across the world, as Citigroup appointed an Indian born banker Vikram Pandit as CEO. He will be replacing Chuck Prince, who was forced out after the bank reported its first quarterly loss in 17 years amid the subprime crisis.
“Tremendous opportunities ahead. I am quite excited about being a part of it,” says Vikram Pandit.
Born and bought up in Nagpur, Pandit came to New York at the age of 16 to complete his graduation from Columbia University. He then joined Morgan Stanley in 1983. In 2000, he was handpicked by then chief executive Philip Purcell to co-run the bank's trading operations. In 2005 Pandit left Morgan Stanley to set up Old Lane. Its been a big step for the veteran banker who became a part of Citigroup after his hedge fund Old Lane was acquired by the bank juts 5 months back.
Pandit faces challenges as the Citi stock is down nearly 40 % this year. However, Pandit says he will face problems head on and focus on simplifying the organisational structure of the bank.
He seems to be prepared for the challenge, and says his priorities include enhancing productivity and allocating capital correctly.
“Issues of productivity and capital affect all the companies around us. It is about focussing on productivity, making sure of positioning our businesses for the future correctly and making sure that we keep in mind the people we serve. As and when we get these priorities right, we not only deal with the challenges of the environment but also position ourselves for the future growth,” says Vikram Pandit, CEO, Citibank.
However, challenges are huge as there are a lot of people on Wall Street who doubt his experience in turning around Citibank.
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